Update on Restructuring Process
Dubai World (the “Company”) announces that it held a meeting in Dubai
today with its creditor banks to present formally the proposed restructuring plan for Dubai
World, which has been agreed between the Company and its Coordinating Committee of creditor
banks (“CoCom”) with the support of the Government of Dubai.
The meeting follows the Company’s announcement on 20 May 2010 that it had agreed headline
economic terms in principle with the CoCom, which accounts for approximately 60% of creditor
banks by value.
As is customary at this stage of the process, this was an informational session and no resolution
was sought in the meeting.
Creditor banks will now have the opportunity to review the information provided before
responding to the proposal. The Company expects to complete the restructuring over the coming
John Hobday (FD Dubai) + 971 50 464 8706
Charlie Armitstead / Ed Gascoigne Pees (FD London) + 44 207 831 3113