25/03/2010 15:32
Dubai World to get 9.5bn dollars of loan from the government
State-owned Dubai World manages assets across a wide range of industries and key subsidiaries include property arm Nakheel, which built the Palm Islands resort, and DP World, which owns more than 50 ports around the globe including London Gateway, Tilbury and Southampton in the UK, New Civil Engineer writes.
Dubai’s government said it plans to ask all its creditors to agree to restructure their Dubai World loans. As part of that deal, the government plans to recapitalize the conglomerate by offering as equity a £6bn claim in the company, while also pumping in £1bn in new funds, according to the statement.
The company stunned global markets in November 2009 when it asked for a six-month delay on debt repayments.
At present the dept of Dubai World makes 60bn dollars, his biggest creditors are the HSBC, Royal Bank, Lloyds and others.
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