Dubai World agrees restructuring terms
Dubai World, a state-owned investment company that was forced to delay debt repayment last year, on Thursday agreed terms with creditors of a restructuring effort to manage $23.5 billion in debt.
The restructuring process will see the company left $14.4 billion in debt, which will be issued to investors in two tranches. The first, worth approximately $4.4 billion, will mature in five years, and the second, worth $10 billion, will mature in eight years.
Markets in the region welcomed the deal
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