Font Size

- Aa +

Sun 15 Feb 2015 12:06 PM

Font Size

- Aa +

Dubai World has 100% creditor assent for $14.6bn debt deal

State-owned conglomerate entered the tribunal process last month after passing the threshold needed to change the terms of its existing restructuring

Dubai World has 100% creditor assent for $14.6bn debt deal

State-owned conglomerate Dubai World has received approval from all creditors for a $14.6 billion restructuring plan, and the court administering the process has been adjourned until May 10, according to court proceedings on Sunday.

The adjournment, ordered by Sir Anthony Evans, chairman of the Dubai World Tribunal, will allow time for all creditors to sign an agreement which formally pledges each will assent to the plan put forward by Dubai World.

Dubai World entered the tribunal process last month after passing the threshold needed to change the terms of its existing restructuring.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.