Dubai government-owned conglomerate Dubai World has struck a new deal with creditors to extend and amend its outstanding USD 14.6 billion debt, Reuters reports citing company announcement.
The deal envisages full early repayment of 2015 maturities of USD 2.92 billion in addition to extension of the conglomerate’s remaining 2018 maturities to 2022.
Dubai World has been at the negotiating table with creditors since last year and managed to secure support from “substantial majority of its creditor banks” at a meeting held in London in early December last year, Reuters said.
The deal on extension is subject to review by the Dubai World Tribunal, a body formed to process Decree 57 cases.
Decree 57 is a special law issued to help government-related companies restructure their outstanding debts.
The tribunal will hold a hearing on Dubai World’s filing on Tuesday.
Dubai World’s business portfolio includes DP World, Drydocks World, Dubai Maritime City, Economic Zones World and Istithmar World.
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