Creditors urge Dubai World to accelerate asset sales

Creditors urge Dubai World to accelerate asset sales Creditors are pressuring Dubai World to speed up sales of assets such as its casino in Las Vegas and entertainment company Cirque du Soleil before the state- owned conglomerate’s first debt repayment deadline in September 2015.
Dubai World, which invested in property, leisure and other businesses around the world on the emirate’s behalf, triggered Dubai’s debt crisis in 2009 when it warned lenders that it would miss debt repayments. The $25bn restructuring deal signed in 2011 with companies including HSBC, RBS and Abu Dhabi Commercial Bank helped lift the economic cloud over the emirate.
The conglomerate has agreed to sell key assets to meet scheduled debt repayments. But while it has reduced its debt burden with some stake sales, it has yet to raise cash to pay off creditors.

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