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 Dubai World debt strategy sends stock tumbling

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Dubai World debt strategy sends stock tumbling Vide
PostSubject: Dubai World debt strategy sends stock tumbling   Dubai World debt strategy sends stock tumbling Icon_minitimeTue Feb 16, 2010 4:33 am
Stock markets in Dubai were down this morning as investors reacted nervously to the latest proposed solution to Dubai World’s $22 billion (£14 billion) debt crisis.

The city’s main index, the Dubai Financial Market fell 0.83 per cent in early trading as it emerged that the troubled state-owned conglomerate plans to offer its creditors just 60 per cent of their money back.

The exchange plunged 3.5 per cent yesterday when news of the proposal first leaked. Dubai World has been locked in talks with creditors for almost two months and bankers said yesterday that the two sides remain poles apart on the substantial issues of the negotiations.

The offer floated by Dubai World would see the group’s banks take a 40 per cent “haircut” on their investment in return for a sovereign guarantee that they will be repaid after seven years.

http://business.timesonline.co.uk/tol/business/markets/article7027315.ece
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