This article is from the Australian Property Journal archive
DUBAI World has met with its creditor banks in Dubai to formally present the proposed restructuring plan.
Dubai World owes $US23.5 billion and said its restructuring plan has been agreed between the company and its Coordinating Committee of creditor banks with the support of the Government of Dubai.
The meeting follows a previous agreement in principle with the CoCom, which accounts for approximately 60% of creditor banks by value.
The company expects to complete the restructuring over the coming months.
Meanwhile DLF Ltd, India’s biggest real estate developer, has proposed to buyout Dubai World’s stake in an Indian realty joint venture for 2 billion rupees ($US42.6 million).
The joint venture is constructing a residential project Bidadi Knowledge City in the southern state of Karnataka.
Australian Property Journal
