Posted on 11/25/2009 4:11:00 PM PST by La Enchiladita
Dubai is asking creditors to accept a six-month suspension on debt repayments for its severely cash-strapped conglomerate Dubai World.
The government of the Gulf emirate has also appointed consultants Deloitte to restructure state-run Dubai World's operations.
The group includes property developer Nakheel, which built one of the state's most ostentatious projects, the palm-shaped, man-made residential islands of the Palm Jumeirah.
The conglomerate also includes DP World, owner of the former P&O ports operator.
According to Nakheel, Dubai World has $59bn (£35bn) of liabilities, a large proportion of Dubai's total debt of $80bn (£47bn).
The emirate's government said in a statement: "Dubai World intends to ask all providers of financing to Dubai World and Nakheel to 'standstill' and extend maturities until at least May 30, 2010."
(Excerpt) Read more at news.sky.com ...
Related
Dubai World Seeks to Delay Debt Payments as Default Risk Soars
http://www.bloomberg.com/apps/news?pid=20601087&sid=aoFe12bwzZ2M&pos=1
Wonder how much Bill Clinton had to do with this???
Well, any retail investors who bought the various Nakheel sukuk issues, for starters...
A lot, seven dancing girls and etc, etc.
I have three guesses... only two of them count.
They gambled on a foolish assumption and lost. Oh well.
And the jokes just write themselves.....
I’ve seen articles in the UK media on how this country treats private debtors: They still have debtor’s prisons, onerous prison terms for debt, and if the debtor is a foreigner, his passport is confiscated so he can’t flee the country. Quite a few UK white collar workers working in Dubai fell into debt after losing their jobs, and the lucky ones were able to sneak out of the country in the nick of time, leaving all they owned behind. And now this?
Sign over all your oil rights, Dubai.
Your debt might just be forgiven
I don’t know... Trump?
The environmentalists would just lobby to ban drilling there.
I read that Dubai’s oil will run out in 7 to 9 years so they focused on being a resort destination. Now nobody but the rich Democrats have any money to visit.
I am finding it increasingly difficult to come up with punchlines that exceed the quality of actual headlines.
CHINA!!!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.