Dubai World urged to sell Atlantis Dubai by creditors

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Atlantis Hotel, Dubai

Atlantis Hotel, Dubai

Dubai World creditors have urged the state-owned conglomerate to sell off some of its high-profile assets, including the Atlantis Hotel on Palm Jumeirah in Dubai, the CityCenter casino complex on the Las Vegas strip and the Mandarin Oriental hotel in New York, it has been reported.

Dubai World restructured its debts with around 90 lenders and creditors in 2011 and is in the process of raising funds for a $4.5bn repayment due in 2015.

At a meeting of creditors last month in Dubai, the state-owned firm was pushed to speed the sale of its assets in order to meet its debt requirements, the Financial Times reported.

At a meeting last month in Dubai, lenders expressed concern that Dubai World, one of the investment arms of the Dubai government, was not moving quickly enough to raise funds to pay a $4.5 billion debt repayment due in 2015, the Financial Times reports.

"Banks were saying there are still lots of assets to sell to meet the deadline," one of the attendees told the FT.

Some speculated Dubai World was procrastinating in order to allow it to renegotiate its restructuring agreement under better terms.

The list of high profile assets the company could sell to finance its debt repayments include Canadian entertainment company Cirque du Soleil, DP World port operator, the Atlantis Hotel on Palm Jumeirah in Dubai, the CityCenter mega casino and hotel complex on the Las Vegas strip and the Mandarin Oriental hotel in New York.

"Dubai World is behind in terms of the plan for realisation of assets, but they've still got two years," another creditor was quoted as saying by the FT.

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
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 ...

Gateway to a new era

Gateway to a new era

Could Telr be the answer to start-ups’ prayers? The new three...

Most Discussed