Dubai World agrees to US$14.6b deal with all creditors

Dubai

DUBAI World, the state-owned company at the centre of the emirate's 2009 financial crisis, has reached an agreement with all of its creditors to amend and extend terms on about US$14.6 billion of debt.

As a result of the agreement, the company has applied to withdraw a court application for Decree 57, Adrian Cohen, partner at Clifford Chance LLP and Dubai World counsel, told a tribunal hearing in Dubai on Sunday.

The court action would have allowed Dubai World to force the new terms onto lenders that haven't a…