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Dubai World finalizes debt deal with creditors

Dubai World finalizes debt deal with creditors

March 23rd, 2011 in News

DUBAI, United Arab Emirates (AP) - Dubai's government says struggling state conglomerate Dubai World has signed a final agreement with creditors to restructure billions of dollars in debt.

The emirate's media office announced the signing of the deal involving about 80 creditors Wednesday. It formalizes a tentative agreement reached last year.

Dubai World secured full creditor support for its $24.9 billion debt restructuring plan in October.

The conglomerate is the parent of several companies, including global port operator DP World and Nakheel, the builder of manmade islands off Dubai's coast.