Dubai World debt tribunal fully operational

  • Share via facebook
  • Tweet this
  • Bookmark and Share
DEBT HEARING: Dubai World rocked global markets in November with plans to request a delay in repaying $26 billion in debt linked to its property units Nakheel and Limitless World. (Getty Images)

DEBT HEARING: Dubai World rocked global markets in November with plans to request a delay in repaying $26 billion in debt linked to its property units Nakheel and Limitless World. (Getty Images)

More than 100 inquiries by creditors have been made to the Dubai World special tribunal with claims about money they believe they are owed by the conglomerate, the National reports on Sunday.

No claims have been filed as yet, the paper reports, adding that the tribunal is fully operational.

Mark Beer, the registrar of the tribunal and of the Dubai International Financial Centre (DIFC) Courts, told the paper he had received “many inquires on a daily basis about the procedure in relation to filing with the tribunal”.

“People are factoring the tribunal into their strategy. They are preparing themselves,” he said.

Dubai World is still negotiating the terms of a $22 billion debt restructuring plan, but sources have hinted that an announcement could be made this month. The firm rocked global markets in November with plans to request a delay in repaying $26 billion in debt linked to its property units Nakheel and Limitless World.

The tribunal was created on December 13 by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Capital plans: how Qatar's banks are shaping up

Capital plans: how Qatar's banks are shaping up

Ahli Bank chief executive Salah Murad says that despite competition...

The spectacular rise and fall of Arabtec

The spectacular rise and fall of Arabtec

The ups and downs of Dubai most heavily traded stock teaches...

1
MidEast investors eye $180bn overseas spending

MidEast investors eye $180bn overseas spending

Arab institutional investors have been buying up swathes of ...

Most Discussed