Dubai World seeks debt moratorium Property developer Nakheel was due to pay off nearly $3.5bn in bonds in December [EPA] The government of the Gulf emirate of Dubai says it will ask creditors of its cash-strapped Dubai World conglomerate to accept a moratorium on debt worth billions of dollars. The government announced the move on Wednesday as part of a plan to restructure the state-run company and its property developer subsidiary Nakheel. “Dubai World intends to ask all providers of financing to Dubai World and Nakheel to a ‘standstill’ and extend maturities until at least 30 May 2010,” a statement issued by the Dubai Financial Support Fund said. Nakheel, the developer of the emirate’s palm-shaped residential islands, was due to pay off nearly $3.5bn in maturing Islamic bonds in December. Wednesday’s announcement pushed up the cost of insuring Dubai’s debt against default and brought down bond prices, the Reuters news agency reported. Nakheel’s Islamic bond prices fell more than 20 points to 87. The announcement came just hours after Dubai said separately that it raised $5bn from two local banks, the second instalment of what officials had said would be a $20bn borrowing programme. The bond programme was unveiled in February, with the federal government of the United Arab Emirates picking up the entire first tranche. Billions in debt Dubai World has $59bn of liabilities, a large proportion of the Gulf emirate’s total debt. The company, which owns Barneys New York, hired an advisory firm in August to help it explore options to shore up the US luxury chain’s financial position. Dubai World had been trying to persuade bank creditors to restructure up to $12bn of its loans, an indication that the emirate is starting to grapple with the challenge posed by its $80bn-plus debt pile. Dubai accumulated its debt as it expanded in banking and real estate projects before the global financial crisis dried up available financing. Dubai is showing signs of recovery on the back of global economic optimism. However, restructuring Dubai’s government-linked debts remains a top priority as the government seeks to assure a rebound for its trade, tourism and services-focused economy and recover from the precipitous property crash.
FREIGHT FORWARDER INDONESIA
Keenam International Air Transport
International Freight Forwarder Indonesia
Jasa Freight Forwarding Resmi Indonesia
Feel Free to Contact usRukan Lokasari Plaza Blok A No 11
Jalan Mangga Besar Raya 81 Jakarta Barat 11170 IndonesiaPhone: +62-21 6010183 / 6498456 / 6288186
Fax: +62-21 6003261
Email: KeenamInternational@gmail.com / cs@keenam.co.idUrl: Keenam.co.id
Freight Forwarder
Enter your email
-
Freight Forwarder
- Peraturan Menteri Perindustrian No 38 Tahun 2018 Akun Sistem Informasi Industri Nasional
- Peraturan Menteri Keuangan Nomor 208/PMK.07/2018 tanggal 31 Desember 2018 Pedoman Penilaian Pajak Bumi dan Bangunan Perdesaan dan Perkotaan
- Peraturan Menteri Keuangan Nomor 207/PMK.07/2018 tanggal 31 Desember 2018 Pedoman Penagihan dan Pemeriksaan Pajak Daerah
- Peraturan Menteri Keuangan Nomor 202/PMK.05/2018 tanggal 31 Desember 2018 Perubahan Kedua atas Peraturan Menteri Keuangan Nomor 32/PMK.05/2014 tentang Sistem Penerimaan Negara Secara Elektronik
- Peraturan Menteri Keuangan Nomor 197/PMK.010/2018 tanggal 31 Desember 2018 Pencabutan Peraturan Menteri Keuangan/Keputusan Menteri Keuangan yang Pengaturan Kewenangannya Beralih dari Kementerian Keuangan kepada Otoritas Jasa Keuangan
- Peraturan Menteri Keuangan Nomor 192/PMK.03/2018 tanggal 31 Desember 2018 Pelaksanaan Pengkreditan Pajak atas Penghasilan dari Luar Negeri
- Peraturan Menteri Keuangan Nomor 180/PMK.01/2018 tanggal 31 Desember 2018 Organisasi dan Tata Kerja Lembaga National Single Window.
Search