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.
- 1 Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 2 Disney announces new female-led film Moana
- 3 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 Video: Boxer Vido Loncar brutally assaults referee following defeat
Chicago voter tells Obama 'don't touch my girlfriend' – Obama stays super smooth
Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Support for EU membership 'at highest level since 1991 with most Brits wanting to stay in'
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...