Dubai World has reached agreement with a "substantial majority" of creditors to back its $14.6 billion debt restructuring, the state-owned conglomerate said on Monday.
The company had made a "voluntary arrangement notification" under Decree 57 -- legislation brought in by the Dubai government to administer the conglomerate's previous restructuring at the turn of the decade -- to amend its existing debt deal, it said in a statement. The restructuring deal could take several months to complete, it said.
The new restructuring plan involves repaying early an existing $2.92 billion maturity due in 2015, Dubai World said. The company would extend a 2018 repayment to 2022, with higher pricing, an amortizing structure and more collateral backing the loan, it added.
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