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"The crisis-hit investment empire, owned by the Dubai state, will promise its lenders it will be able to pay back all the money it owes if it can get t..."
DUBAI World, the troubled Gulf investment fund that owns the QE2 cruise liner and Cirque du Soleil dance troupe, is to ask its creditors for up to eight more years to pay back a $22 billion (£15 billion) debt mountain.
The crisis-hit investment empire, owned by the Dubai state, will promise its lenders it will be able to pay back all the money it owes if it can get the extension.
The debt restructuring proposals will be put to a seven-strong committee of the group’s senior creditors in Dubai this week.
Unlike its oil-rich neighbours, Dubai rose to prominence through a debt-fuelled acquisition spree that saw its state-owned investment funds buy trophy assets around the world — until the credit crunch hit.
Dubai World rocked the financial markets last year when it requested a standstill on repayments of $26 billion of loans it owed to nearly 100 banks — including UK lenders Royal Bank of Scotland, Standard Chartered, HSBC and Lloyds Banking Group.
The crisis-hit investment empire, owned by the Dubai state, will promise its lenders it will be able to pay back all the money it owes if it can get the extension.
The debt restructuring proposals will be put to a seven-strong committee of the group’s senior creditors in Dubai this week.
Unlike its oil-rich neighbours, Dubai rose to prominence through a debt-fuelled acquisition spree that saw its state-owned investment funds buy trophy assets around the world — until the credit crunch hit.
Dubai World rocked the financial markets last year when it requested a standstill on repayments of $26 billion of loans it owed to nearly 100 banks — including UK lenders Royal Bank of Scotland, Standard Chartered, HSBC and Lloyds Banking Group.
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