According to Arabian Business, the first round of negotiations between Dubai World and the committee formed by the holding's creditors ended on an upbeat note. It was agreed that by January 21, 2010 Dubai World will provide its lenders with a real loan repayment plan. Recall that to date, Dubai World has more than 90 lenders.
“The first round of negotiations lasted exceptionally long and brought tangible results,” a source told Arabian Business. “We expect Dubai World to ask for deferred loan repayments until April or May by proposing a detailed debt restructuring plan, now worth over $ 22 billion.”
Arabian Business points out that a formal request for deferred payments has already been submitted to the Dubai World lenders committee, which consists of representatives from four British and two emirate banks. The decision on Dubai World will be made in January 2010.
