Dubai World, the parent of otherwise prosperous terminal operator DP World, has announced it has presented its restructuring proposal before its lenders, after it won the agreement in principle from the Coordinating Committee of creditor banks (CoCom) and the Government of Dubai.
The meeting with the larger lenders group follows the Dubai World's announcement on May 20 that it had agreed in principle the CoCom on board terms, which accounted for 60 per cent of creditor banks by value.
"Creditor banks will now have the opportunity to review the information provided before responding to the proposal. The company expects to complete the restructuring over the coming months, said a Dubai World statement.
DP World failed to make its planned debut on the London Stock Exchange after it missed its end-of-June listing deadline. In January, the company announced it would launch the dual listing alongside its existing presence on the Nasdaq Dubai exchange.
The delay was blamed on the lack of an "acceptable system that supports the dual listing", reported Paris-based Alphaliner. Next chance for a London listing would be after its annual report in March 2011.
The meeting with the larger lenders group follows the Dubai World's announcement on May 20 that it had agreed in principle the CoCom on board terms, which accounted for 60 per cent of creditor banks by value.
"Creditor banks will now have the opportunity to review the information provided before responding to the proposal. The company expects to complete the restructuring over the coming months, said a Dubai World statement.
DP World failed to make its planned debut on the London Stock Exchange after it missed its end-of-June listing deadline. In January, the company announced it would launch the dual listing alongside its existing presence on the Nasdaq Dubai exchange.
The delay was blamed on the lack of an "acceptable system that supports the dual listing", reported Paris-based Alphaliner. Next chance for a London listing would be after its annual report in March 2011.