Dubai will announce a new bankruptcy law today based on international standards to help state-owned Dubai World complete a business reorganisation should it need the legislation, according to several news agencies.
They were quoting an unnamed government official, who spoke to them during a conference call.
Earlier today, the Dubai government announced that it had authorised the release of $4.1 billion to pay property developer Nakheel’s sukuk, as part of an ongoing effort to restructure the debt of Dubai World
"The law will be available should Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations," the Government of Dubai said in an e-mailed statement earlier today.
