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Publish Date : 18-Feb-2015

Dubai World has entered into a deal with creditors to revise terms on $14.6 billion of debt, providing it more breathing room as it works to move beyond its financial challenges. As per the deal, the company will pay back $2.92 billion worth of the debt earlier than scheduled this year and extend repayment of the remaining from 2018 until 2022.

The lenders are banks and investors from the Middle East, Europe and Asia.

“The deal gives it more time to dispose of non-core assets,” said the company, “Its portfolio includes several companies, including port operator DP World and shipbuilder Drydocks World.” Earlier, Dubai World renegotiated terms on $24.9 billion in debt in 2011, a key step in resolving fallout from the Dubai's 2009 financial crisis.

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