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Dubai World debt restructuring deal agreed

Dubai World has secured support from all its creditors for a $23bn (£15bn) debt restructuring plan. The investment company owns the ports operator DP World and the troubled property company Nakheel which built the offshore Jumirah palm island .

Almost a year ago the group shocked the markets by asking for a 6 month delay to a loan repayment deadline and in May it agreed a deal with creditors to repay $23bn worth of debt.

However, there is still a question mark over an outstanding sum of $14bn, with one unnamed creditor refusing to agree terms.

Philip Hampsheir reports.

  • 27 Oct 2010