Timeline: Dubai World core lenders agree debt deal

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Dubai World, the state-owned conglomerate, has reached a deal in principle with its core lenders to restructure $23.5 billion of debt. The company's major real estate subsidiaries Nakheel and Limitless are included in the restructuring. Below are the key events in Dubai World's debt problems: (Getty Images)
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2004 - Bubble conditions appear in Dubai's credit and real estate sectors; developers flood the market with ambitious projects through easy access to bank financing. (Getty Images)
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2008 - Dubai government launches $4 billion medium term notes (MTN) bond programme; property prices peak. (Getty Images)
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2009 FEBRUARY - Dubai launches $20 billion bonds, easing default worries, and UAE central bank subscribes to $10 billion. (Getty Images)
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2009 APRIL - Dubai hires investment bank Rothschild to advise on $20 billion support fund to help indebted companies. (Getty Images)
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2009 JUNE - Dubai World hires turnaround experts Alix Partners to help with restructuring. (Getty Images)
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2009 SEPTEMBER - Dubai World says talking with core banks to reschedule $12 billion of debt. Nakheel's overseas properties transferred to Istithmar World, Dubai World's private equity unit. (Getty Images)
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2009 OCTOBER - Dubai World says organisational restructuring nearly over, and will save $800 million over three years; cuts global workforce 15 percent. Dubai government issues $2 billion Islamic bond. (Getty Images)
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"2009 NOVEMBER - Dubai ruler says emirate has Abu Dhabi backing. \n25 - Dubai government issues $5 billion bond to two Abu Dhabi controlled banks. Shortly afterwards, government says Dubai World to request six-month standstill. \n26 - Dubai government says ports operator DP World excluded from Dubai World restructuring.\n(Getty Images)"
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2009 DECEMBER \n14 - Dubai pays Nakheel's $4.1 billion bond in full after Abu Dhabi offers $5 billion in last-minute bailout. \n21 - Creditors meet with Dubai World for the first time after standstill announcement, and form coordinating committee. (Getty Images)
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2010 JANUARY \n20 - Dubai World unit Istithmar World, owner of Barney's New York, CEO resigns in management reshuffle. FEBRUARY - Trial balloon floats 40 percent haircut to creditors and repayment after 7 years; government denies. (Getty Images)
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2010 MARCH \n31 - Loan repayment on $1.2 billion Limitless due. \nEnd - Government deadline on Dubai World proposal. (Getty Images)
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2010 APRIL \nEnd - Abu Dhabi financial aid runs out; Dubai World's informal deadline for plan to creditors.
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"2010 MAY \n13 - Dubai repays $980 million Islamic bond issued by Nakheel, which says has received 50 percent approval from its trade creditors as part of restructuring proposal. \n19 - Arabtec , the UAE's largest construction firm by market value, says it has signed on to Nakheel's debt repayment offer\n20 - Dubai World says it has reached an initial deal on the restructuring with core creditors. (Getty Images)"
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2010 JUNE - Dubai World $2.1 billion loan matures. (Getty Images)
Thu 20 May 2010 03:33 PM GST
Last Updated: Mon 23 Jan 2017 04:38 PM GST