Dubai wants to extend the maturity of its debt - March 8, 2010
For the first time since the announcement of the moratorium on its debt, which had rocked markets last November, Dubai World this week should initiate discussions with its creditors. Discreetly. According to the Financial Times quoted sources close to the negotiations, the conglomerate duba?ote must submit to its main banks with a proposal to reschedule $ 22 billion of debt.
A spokesman for the Emirate of Dubai, questioned by AFP would not confirm the information daily from the City. This is a "confidential process," he has merely said, adding that "a formal proposal will be presented by Dubai World to creditors in March" payday advances .
Dubai World could offer, understands the Financial Times, two alternatives to its creditors.Either the banks want to be repaid over several years, but cover the full amount owed. Either they agree to reschedule the debt over the longer term, with the state guarantee, not losing a penny. Still, "according to sources familiar with the matter, nothing is certain" shade the Financial Times.
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"Dubai, the end of a mirage