Dubai – Mubasher: The government-owned conglomerate Dubai World has received approval to end court proceedings relating to its $14.6 billion debt-restructuring deal.

According to a document on the court's website, the formal sign-off for the restructuring may take place within the coming days or weeks, depending dependent on how quickly creditors complete the approval process.

The state-owned conglomerate was forced to restructure nearly $25 billion in debt in 2011 following the emirate of Dubai’s financial crisis.

Dubai World received 66.7% backing from its creditors last month.