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Non-government creditors to Dubai World will be repaid in full |
Dubai announced a restructuring proposal at the end of March in which non-government creditors to Dubai World, the state investment agency, would receive 100% of their claims via new debt tranches.
Dubai World will pay back its non-government creditors in full, amounting to $14.2 billion, through two new tranches of debt with five-year and eight-year maturities.
The Dubai government added that it would inject $9.5 billion of new funds into the group, as part of its $23 billion debt-restructuring plan. Of this $9.5 billion, $5.7 billion will come from what’s remaining of the $10 billion of loans given by Abu Dhabi to Dubai last year. That means the Dubai government will have to stump up only $3.8 billion, split over the next three years.
As part of the proposal the government will...
