RESTRUCTURING

摘要

State-owned conglomerate dubai world edged closer to its second major restructuring in four years after announcing it had reached agreement with a "substantial majority" of creditors to back its US$14.6bn debt deal. The new restructuring plan involves repaying early an existing US$2.92bn maturity due in 2015. The company would extend a US$10.3bn 2018 repayment to 2022, with higher pricing, an amortising structure and more collateral backing the loan. The court administering Dubai World's restructuring has set March 17 as the provisional date for creditors to vote on whether to back the debt deal. The Dubai World Tribunal held its first hearing on Tuesday.