Dubai-Mubasher: Dubai World, the state-owned holding company, plans to obtain court approval to change the conditions of rolling over a $15.3 billion debt.
In 2010, an independent, special court was established to persuade the company’s creditors to accept the debt restructuring terms which include extending the maturity periods between five and eight years.
The company’s spokesman declined to comment on the news, but told Mubasher that the law allows the company to obtain approvals from most creditors before taking any procedure related to the debt restructuring.
Dubai World intends to use Decree 57, or the special tribunal relating to Dubai World, to implement a restructuring proposal with support from at least 66.7% of creditors by value, Bloomberg reported citing anonymous sources.
They added that nearly 63% from Dubai World’s creditors have already approved the proposal, and more than 70% approved the debt restructuring.
The restructuring deal includes early payment of $4.4 billion due in September next year, and delaying until 2022 a $10.9 billion payment due in 2018 while making some intervening repayments, the sources said.

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