Dubai World Reaches Deal to Restructure $24.9 Billion of Liabilities
Dubai's government said that Dubai World reached an agreement with more than 99% of its creditors, Reuters reported. In a separate statement, Dubai World said it plans to close the restructuring in "the coming weeks."
Dubai World's previous target date for completion was Oct. 1.
The announcement is good news for Dubai's debt-ridden government. Earlier this week, a unit of Dubai Holding, the conglomerate owned by the emirate's ruler, delayed payment on $555 million loan.