Dubai World loan restructuring in 'coming months'

Dubai World on Thursday said it expected to complete the restructuring plan agreed with its creditors in the "coming months."

The company, in a press statement, confirmed that it held a meeting in Dubai with its creditor banks to formally present the proposed restructuring plan.

The plan was already agreed upon between Dubai World and its Coordinating Committee of creditor banks (“CoCom”) with the support of the Government of Dubai.

Thursday's meeting between Dubai World and its creditors follows the May 20 announcement that it had agreed headline economic terms in principle with the CoCom, which accounts for approximately 60 per cent by value of creditor banks.

Being an informational session, the company said no resolution was sought at the meeting.

Dubai World said creditor banks will now have the opportunity to review the information provided before responding to the proposal.

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