Dubai World prepays Dh1bn to creditors

Dubai World has prepaid $284.5 million (Dh1 billion) to creditors under its $25 billion debt restructuring plan. The conglomerate reportedly obtained money for the prepayment from asset sales. Under the terms of the restructuring deal, cash raised from asset sales above a threshold of $300 million is to be distributed as early repayments to creditors, which include big Western and Gulf banks. Last December, a unit of Dubai World sold its 50 percent stake in Miami Beach's landmark Fontainebleau hotel. The price was not disclosed, but Dubai World originally had paid $375 million for the stake in 2008. Moreover, Nakheel said last month it was repaying Dh2.35 billion ($640 million) of bank debt 18 months ahead of its maturity in September 2015.