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Wed 10 Mar 2010 04:11 PM

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Dubai World 'has made progress' with debt plan

Dubai World’s debt restructuring has tested UK banks’ resolve in the short-term - trade min.

Dubai World 'has made progress' with debt plan
DUBAI DEBTS: Dubai World shocked global markets in November, when it requested a standstill on its debt repayments.(Getty Images)

Dubai World, which is seeking to renegotiate terms on $26bn of debt, has made “some progress” in its talks with creditors with the restructuring, UK Trade Minister Mervyn Davies said in Dubai today.“I think there are signs of some progress being made from what I hear from the banks and therefore I am hopeful that this progress can continue,” Davies said.

Dubai World’s debt restructuring has hit confidence and tested UK banks’ resolve in the short-term, he said.

Dubai World shocked global markets in November, when it requested a standstill on its debt repayments.

The conglomerate is holding informal talks with major creditors, which include HSBC and Standard Chartered, in London this week as it finalises a restructuring proposal.

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