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Dubai World’s restructured bank debt |
State-owned conglomerate Dubai World got the go-ahead from 99% of creditors in September for a restructuring of $14.4 billion in bank debt. Nakheel, the group’s main real estate developer, later announced that it expected to receive approval by the end of the year for its plan, which is being negotiated alongside the parent’s restructuring. Nakheel owes $5.1 billion to trade contractors and $9.2 billion to customers, as well as $10.9 billion to financial creditors, according to Reuters.
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