Dubai World expects to complete the restructuring over the coming months


Dubai World (the “Company”) announces that it held a meeting in Dubai today with its creditor banks to present formally the proposed restructuring plan for Dubai World, which has been agreed between the Company and its Coordinating Committee of creditor banks (“CoCom”) with the support of the Government of Dubai.

The meeting follows the Company’s announcement on 20 May 2010 that it had agreed headline economic terms in principle with the CoCom, which accounts for approximately 60% of creditor banks by value. As is customary at this stage of the process, this was an informational session and no resolution was sought in the meeting.  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.


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