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Dubai: Dubai World, the state-owned conglomerate which controls shipyards and terminals around the world, has come to an agreement with its creditor banks on its proposal to amend and extend the terms of its outstanding debt totalling $14.6bn.

“For Dubai World, we now have more time to dispose of non-core assets to achieve optimum value to the benefit of the company and its lenders and we are in a good position to continue to de-lever and obtain favourable credit terms sooner than expected,” a spokesperson for the company said.  [16/02/15]


Source: http://www.gulfshipnews.com/

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