Dubai World reaches US$23.5b debt deal with key banks

Dubai,May 20, 2010 (WAM)- Dubai World has reached a deal to restructure US$23.5 billion with its core bank creditors, according to a statement issued by the company on Thursday. The deal, which requires no new support from the government, must still be approved from banks outside the core negotiating committee, the company said. A coordinating committee of seven banks represented nearly 100 creditors during the negotiations with Dubai World. – Gulf News