[xtypo_dropcap]D[/xtypo_dropcap]UBAI, United Arab Emirates—Dubai’s biggest conglomerate yesterday met with scores of creditors to discuss a plan to claw its way out of $23.5 billion worth of debt.
The luxury Atlantis Hotel, located at the tip of the man-made Palm Island in Dubai acted as the backdrop for a meeting between Dubai World and representatives from 73 banks to discuss a debt restructuring plan.
Dubai World, which owns Nakheel–the developer behind the emirate’s artificial islands—has been a lightening rod for speculation over the financial solvency of the once free-wheeling city-state after it narrowly avoided a default last year.
The conglomerate will be hoping to win over creditors with the debt restructuring plan it announced yesterday, although it is likely to take time.
“As is customary at this stage of the process, this was an informational session and no resolution was sought in the meeting,” Dubai World said in a brief statement following the gathering.
“Creditor banks will now have the opportunity to review the information provided before responding to the proposal.”
The luxury Atlantis Hotel, located at the tip of the man-made Palm Island in Dubai acted as the backdrop for a meeting between Dubai World and representatives from 73 banks to discuss a debt restructuring plan.
Dubai World, which owns Nakheel–the developer behind the emirate’s artificial islands—has been a lightening rod for speculation over the financial solvency of the once free-wheeling city-state after it narrowly avoided a default last year.
The conglomerate will be hoping to win over creditors with the debt restructuring plan it announced yesterday, although it is likely to take time.
“As is customary at this stage of the process, this was an informational session and no resolution was sought in the meeting,” Dubai World said in a brief statement following the gathering.
“Creditor banks will now have the opportunity to review the information provided before responding to the proposal.”
