Skip to content

Dubai Travel News

Travel & Tourism News of Dubai and rest of UAE

Menu
  • About
  • Advertise Here
  • Business Directory
    • List Your Company
  • Contact
  • Currency Rates
  • Privacy Policy
  • UAE Cards
Menu

Dubai World issues updated statement on debt obligations

Posted on December 1, 2009

dubai-world-logoDubai, Dec 1st, 2009 (WAM) — Dubai World (“Dubai World”) and its subsidiaries (the “Group”) would like to update their lenders on recent developments relating to their debt obligations.

Following a detailed review of the Group’s liquidity and capital structure, Dubai World has concluded that it should immediately consider alternatives in respect of the debt obligations of certain entities within the Group.

The proposed restructuring process will only relate to Dubai World and certain of its subsidiaries including; Nakheel World and Limitless World. The process will not include Infinity World Holding, Istithmar World and Ports ‘&’ Free Zone World (which includes DP World, Economic Zones World, P’&’O Ferries and Jebel Ali Free Zone), all of which are on a stable financial footing.

The total value of debt carried by the companies subject to the restructuring process amounts to approximately US$26 billion, of which approximately US$6 billion relates to the Nakheel sukuk.

It is envisaged the restructuring process will be carried out in an equitable way for the overall benefit of all stakeholders and will comprise several phases including: long term plans and commitment of stakeholders; determination of maintainable profit and cash generation; assessment of deleveraging options, including asset sales; assessment of funding requirements and the formulation of restructuring proposals to financial creditors and their implementation.

Initial discussions have commenced with the banks of Dubai World and are proceeding on a constructive basis. In light of the current operational challenges and the future obligations of the Group, it is anticipated that the process and any related actions to address strategic alternatives will be conducted on an expedited basis. As part of this overall process, Nakheel requests its sukuk holders to appoint an authorised representative with whom discussions can commence.

Moelis ‘&’ Company have been appointed to advise on the Dubai World restructuring with Rothschild, who will continue their ongoing role as financial advisor.

Dubai World intends to adopt a policy of regular communication and will provide further updates as this process develops.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • Abu Dhabi Events
  • Deutch
  • Duabi Property Deals
  • Dubai Books
  • Dubai Events
  • Dubai Hotels Special Offers
  • Dubai News
  • Dubai Tours
  • Dubai Videos
  • Events/Conferences
  • featured
  • General
  • International News
  • New Hotels in ABu Dhabi
  • New Hotels in Dubai
  • People
  • Products
  • Technology
  • Travel Industry News
  • الصور
  • عربي




Our Sections of site

  • Amari Hotel Reservations Amari Hotels reservations 0
  • Brunei Travel & Culture Services Tours and hotel reservations Brunei Daressalam 0
  • Dubai Desert Safari Desert Safaris in Dubai 0
  • Exotic Dubai Tours Dubai tours safaris and hotel reservations 0
  • Guluna News 0
  • Kar group Dubai 0
  • Nawab Zippers Zippers Buttons and pullers for leaather garments in Pakistan 0
  • Qatar Tours Doha Tours, desert safaris and hotels. 0
  • Sri Lanka Travel & Culture Tours to Sri Lanka 0
  • Taj Mahal Hotel Reservations Taj Hotel reservation service 0

Partners

  • Biomed Articles Medical articles 0
  • Exotic Italy Tours Italy Tours 0
  • Hunza Tours and Treks Hunza Vally tours and hotels 0
  • London Pass London Pass web site online purchase 0
  • Tanzania Tours & Safaris Tanzania Travel 0
  • Travel & Culture Services Travel & Culture Pakistan 0

Abaya American Arab ArabIsraeli Arabs Brand New Burj business Christianity city Conflict Dhabi DSF Dubai Dubai Tourism East Edition Emirates From Guide Head History Islam island Israel Life Mark Middle Middle East Muslim Palestine Peace plans Politics Product Read remainder mark Scarf Shemagh travel UAE United united arab emirates White World

©2023 Dubai Travel News | Design: Newspaperly WordPress Theme