Dubai World's £9.4bn debt repayment plan to get green light from banks
Sunday 18 July 2010
The big four accountant KPMG is expected to give the all-clear this week to plans by state-controlled conglomerate Dubai World to repay the $14.4bn (£9.4bn) it owes banks.
KPMG is advising the banks, headed by Royal Bank of Scotland, on how to get their money back. Dubai World's advisers will present their latest repayment proposals, which will take eight years to complete, on Thursday.
This will include the sale of assets owned by the conglomerate's investment arm, Istithmar World, over the next five years. These include US department store chain Barneys and entertainment company Cirque du Soleil.
KPMG and legal adviser Allen & Overy will tell the banks that the proposals should ensure that they recoup most of their cash. Core lenders have already agreed, but the full slate of banks will be asked to sign-off the repayment scheme this week.
Dubai World shocked world markets in November when it revealed the extent of its financial difficulties.
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