SUBSCRIBERS
Dubai World agrees to US$14.6b deal with all creditors
Published Sun, Feb 15, 2015 · 09:50 PM
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
SocGen Q1 profit slumps less than expected as investment bank surprises
Wall Street Journal moves Asia headquarters from Hong Kong to Singapore
Macquarie sees biggest profit dip in 15 years on commodities downturn
HSBC appoints ex-Citi banker as new Singapore head of global banking
H2G Green chief to stand trial on Aug 5 amid MOM probe