Dubai: Dubai World will present plans to restructure its $26 billion (Dh95.50 billion) debt to creditors this week, with details emerging as early as Wednesday, news agencies reported Tuesday.
Details of the plan on how the debt will be repaid will be discussed with an informal committee, which represents 97 creditors to the state-owned conglomerate, in Dubai, Reuters reported quoting unnamed sources.
Dubai World sources neither confirmed nor deny the meeting when contacted by Gulf News. MEED, a London based weekly quoting sources said on its website Tuesday the meeting is scheduled to take place in Dubai.
Dubai World has been in talks with a panel made up of seven banks. It includes Standard Chartered, HSBC, Lloyds, Royal Bank of Scotland, Emirates NBD and Abu Dhabi Commercial Bank, which, combined, are believed to have two-thirds of the total exposure.
A final proposal on the debt could involve tranches with different repayment profiles, one with repayment over three to five years with the principal discounted, and one with repayment over seven to nine years with no discount.
