Debt Deal
On 20 May 2010 Dubai World said that it had reached an agreement "in principle" with most of its bank lenders to restructure debt worth $23.5bn (£16.4bn). It would be left with debts of $14.4bn after the restructuring. But the deal must still be approved by other banks that were not involved in the negotiations. The terms of the restructuring, include converting $8.9bn of government debt into equity. The government of Dubai and Dubai World had tabled this offer to bank lenders in March 2010 after three months of negotiations.
Read more about this topic: Dubai World
Famous quotes containing the words debt and/or deal:
“Man’s pity for himself, or for his son,
Always premising that said son at college
Has not contracted much more debt than knowledge.”
—George Gordon Noel Byron (1788–1824)
“I have a great deal of company in my house; especially in the morning, when nobody calls.”
—Henry David Thoreau (1817–1862)