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Dubai World’s CityCentre development came to a halt until Moelis & Co found a way to keep moving with letters of credit |
LAST MONTH, AFTER a long and painful process, Dubai World received the go-ahead from 99% of its creditors to restructure $14.4 billion in bank debt. The authorities in the UAE quickly jumped on the good news, as Dubai launched a $1.25 billion sovereign bond. Meanwhile, investors and lenders to Dubai World’s property arm, Nahkeel, were nearing conclusion of their own negotiations, which include seeking terms on $10.9
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