Deal reached on Dubai World debt restructuring

Dubai World’s biggest creditors have agreed on a deal to renegotiate its debt repayment schedule, Shaikh Ahmed bin Saeed Al Maktoum has confirmed. Shaikh Ahmed, who is also Chairman of Dubai Civil Aviation and Chief Executive of Emirates airline and Group, ruled out any flotations of Dubai’s state-owned companies, including Emirates airline and air travel service provider dnata. Dubai World, under the revised plan, will repay the $4.4 billion tranche due in May 2015 early — likely in December or January depending on the progress of negotiations — in exchange for the $10.3 billion 2018 payment being extended until 2022. The new 2022 payment will also be augmented in a number of ways aimed at persuading creditors to grant more time.