State-owned Dubai World has received backing from all its creditors for a $14.6 billion restructuring plan, a court heard on Sunday, paving the way for the deal to be formally approved by May.
Dubai World
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Dubai World has reached agreement with a "substantial majority" of creditors to back its $14.6 billion debt restructuring, the state-owned conglomerate said on Monday, putting the emirate on track to clear the last big hangover from a debt crisis.
Istithmar World, a subsidiary of state-owned conglomerate Dubai World, has sold its 50% stake in Fontainebleau Miami Beach to Florida-based developer Turnberry Ltd. for an undisclosed sum.
Dubai state fund Investment Corp of Dubai (ICD) announced on Thursday that it has purchased the Atlantis hotel from a Dubai World unit for an undisclosed amount.
Istithmar World announced the appointment of Ziad Makkawi as its new CEO.
DP World, because of favorable market terms, was able to extend its revolving credit facility.
