Dubai World secures state bail-out

clock

The Dubai Government is to provide $9.5bn (£6.4bn) in funding to help its Dubai World investment vehicle to restructure its debt.

The troubled company, which shocked markets in November after asking for a six-month delay on debt repayments, has outlined a plan to restructure $23.5bn of debt to its creditors, including converting $8.9bn of it into equity. A cash injection of $1.5bn from the Dubai Financial Support Fund (DFSF) has also been proposed, as well as the issuance of two tranches of new debt to be repaid over five- and eight-year periods. Creditors will now decide on whether to accept the plan. "This proposal represents the best possible solution for all stakeholders," Dubai World says. "It follows exten...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers have opportunity to deepen private market engagement

Advisers have opportunity to deepen private market engagement

Most client allocations to private markets are either 5%-10% or 1%-5%

Isabel Baxter
clock 18 November 2024 • 2 min read
Royal London cuts number of governed range portfolios

Royal London cuts number of governed range portfolios

Renaming remaining portfolios to reflect level of investment risk

Jenna Brown
clock 18 November 2024 • 1 min read
AJ Bell cuts fees across multi-asset income range

AJ Bell cuts fees across multi-asset income range

£1.5bn of inflows this year

Beth Brearley
clock 14 November 2024 • 1 min read