Summary Box: Dubai World lenders support debt deal

AP News
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Posted: Oct 27, 2010 2:53 PM
Summary Box: Dubai World lenders support debt deal

NO MORE HOLDOUTS: Dubai World secured full creditor support for its $24.9 billion debt restructuring plan after the last holdout lender unloaded its claim, representatives for the companies said.

THE BORROWER: Dubai World's sprawling business interests range from seaports and hotels to luxury retailer Barneys New York and a stake in the CityCenter complex in Las Vegas.

WHY IT MATTERS: The deal closes one chapter in Dubai's efforts to get its financial house in order nearly a year after it shocked global markets by acknowledging it couldn't repay all its bills. The debt restructuring plan extends the deadline the firm has to repay lenders.