Dubai World to Restructure Debt
Posted on November 30, 2009
The doomsday of Dubai’s economy is yet to come. The market is ok. It’s just a minor problem, says Bloomberg.
Dubai World said it began “constructive” talks with banks to restructure $26 billion of debt, including liabilities owed by units Nakheel World and Limitless World.
Debt from subsidiaries such as Infinity World Holding, Istithmar World and Ports & Free Zone World will be excluded from the negotiations because those companies “are on a stable financial footing,” Dubai World, one of the emirate’s three main state-related holding companies, said in a statement.
The company is seeking to delay payments on less than half its $59 billion of debt, damping concern that its potential default may set back the global financial system’s recovery from the credit crisis that sank the world economy into recession. Stocks erased losses in the U.S. after the announcement, sending the Standard & Poor’s 500 Index up 0.4 percent.
Filed Under Asides Tags: economy, united arab emirates
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Is it a potential of another global economy crisis? Realizing how close people get connected to each other nowadays is really frightening sometimes. The effect is always increasingly contagious and thus the domino effect applies. One economic titan collapses, the rest of the world get affected afterwards in some other way. And I wonder what Indonesia can do when another economy crisis hits, particularly in the threshold of free trade era.
Seberapa genting kah menyangkut ekonomi Indonesia mas?
very important to not depend on other countries economies, but how?
setiap peristwa mestyn d jadikn plajarn untk sgra mmperbaiki keadaan…….
Economic factors in each country are experiencing the same thing, nice posting mas fatih!!!!
Sepertinya belum ada pengaruhnya buat indonesia. Dolar saja belum naik
Iya bener – Island of Guam.