Dubai World has announced that it yesterday held a meeting in Dubai with its creditor banks involved in the restructuring of the Group's debt. The purpose of the meeting was to provide an update to the banks on the development of the Group's restructuring plans as it seeks to reach a standstill agreement with financial creditors.
Also in attendance were Dubai World's appointed advisers Deloitte, Rothschild and Clifford Chance. As was confirmed in its statement of December 14th, Dubai World will continue to work with financial creditors to seek a standstill in an orderly way. As long as a standstill is successfully implemented, Dubai World has assurances that the Government of Dubai, through the DFSF, will provide financial support to cover working capital and interest expenses to ensure the continuity of key projects.
Dubai World is committed to working closely with the banks' appointed Coordinating Committee to work towards a consensual solution for the benefit of all lending banks, trade creditors and other stakeholders affected by the restructuring. - Emirates News Agency, WAM
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