Creditors urge Dubai World to accelerate asset sales

from the Financial Times..

May 2, 2013, By Camilla Hall in Abu Dhabi and Simeon Kerr in Dubai

Creditors are pressuring Dubai World to speed up sales of assets such as its casino in Las Vegas and entertainment company Cirque du Soleil before the state- owned conglomerate’s first debt repayment deadline in September 2015.

Dubai World, which invested in property, leisure and other businesses around the world on the emirate’s behalf, triggered Dubai’s debt crisis in 2009 when it warned lenders that it would not be able to make debt repayments. The $25bn restructuring deal signed in 2011 with companies including HSBCRBS and Abu Dhabi Commercial Bank helped lift the economic cloud over the emirate….

Link to the entire article: http://www.ft.com/intl/cms/s/0/65e49120-b312-11e2-95b3-00144feabdc0.html#axzz2SWlqjYi0

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