Tags: US | Shuns | Dubai | World | Debt | Deal

Report: US Fund Shuns Dubai World's $24.9 Billion Debt Deal

Monday, 13 Sep 2010 05:52 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
U.S.-based distressed debt fund Aurelius Capital Management is the only creditor to have not signed on to Dubai World's $24.9 billion restructuring deal, the Financial Times said on Monday citing people close to the talks.

The company, which bought $5 million of debt in the secondary market, could still approve the deal, people close to the matter told the paper. But by missing the September 9 deadline to vote on the deal, Aurelius Capital will not receive the incentive fees paid to creditors that signed up in time.

State-owned conglomerate Dubai World reached an agreement with over 99 percent of its creditors by value to restructure its almost $25 billion in liabilities, the Dubai government said in a statement on Friday.

Dubai World said in a separate statement it was well positioned to close the restructuring in coming weeks.

A Dubai World spokesman was not immediately available for comment.

While Dubai World's agreement with most of its creditors is seen as a positive step for Dubai, the announcement came just days after a unit of Dubai Holding, the conglomerate owned by Dubai's ruler, said it will delay repayment on a $555 million loan, the second time it has failed to meet a repayment deadline.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved