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Dubai World reaches debt deal

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Dubai World reaches debt deal

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Dubai World has reached agreement with what’s been reported as “a substantial majority” of creditors to back its 14.6 billion dollar debt restructuring.

In a statement the global holding company said it had made a “voluntary arrangement notification” under legislation which the Dubai government brought in to administer the conglomerate’s previous restructuring at the turn of the decade. The deal could take several months to complete said the statement.

Dubai World focuses on the strategic growth areas of Transport and Logistics, Investment and Financial Services among other sectors of commerce.