Debt Deal
On 20 May 2010 Dubai World said that it had reached an agreement "in principle" with most of its bank lenders to restructure debt worth $23.5bn (£16.4bn). It would be left with debts of $14.4bn after the restructuring. But the deal must still be approved by other banks that were not involved in the negotiations. The terms of the restructuring, include converting $8.9bn of government debt into equity. The government of Dubai and Dubai World had tabled this offer to bank lenders in March 2010 after three months of negotiations.
Read more about this topic: Dubai World
Famous quotes containing the words debt and/or deal:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“These young women have had four years of very special space.... This has been special space. This has been safe space. But when they graduate, they will begin to deal on a daily basis, all day long, month after month, year after year, with the realities that still haunt our nation.”
—Johnnetta Betsch Cole (b. 1936)