Thursday, 25 March 2010

Dubai World gets $9.5bn government backing |

Dubai World gets $9.5bn government backing |

The Dubai government has announced it will provide $9.5bn (£6.4bn) in funding to help its Dubai World investment vehicle to restructure its debt.

The troubled company has presented a plan to restructure $23.5bn of debt to its creditors, including converting $8.9bn of government debt into equity.

Creditors will now decide on whether to accept the plan.

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