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.
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