Dubai World: All creditors to be treated on equal basis

22 Feb 2010

(MENAFN) Dubai World said that the government of Dubai, which owns the debt-laden conglomerate, is not seeking preferred creditor status in the restructuring process of the firm, Reuters reported.

A government spokeswoman said that all creditors, including the government, will be treated on an equal basis. Dubai World is still negotiating the terms of a $22 billion debt restructuring plan.

The firm shocked global markets on November 25 last year with plans to request a standstill of its $26 billion debt linked to its main property units Nakheel and Limitless World.

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