Business News
Dubai World reaches preliminary agreement with creditors
May 20, 2010, 13:08 GMT
Dubai - Dubai World announced Thursday that it has reached an agreement with its creditors on the basic features of a restructuring plan for the company.
'The plan was approved by the coordination committee, which represents the majority of the company's lenders and the government of Dubai,' said Ahmed bin Saeed al-Maktoum, chairman of Dubai's Higher Committee for Fiscal Policy.
The committee will submit a final restructuring proposal to the company's lenders, al-Maktoum said in a statement obtained by the German Press Agency dpa.
Dubai World's request for a debt freeze shook the financial world last year.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
