Dubai World gets all lenders on board in debt deal

DUBAI: A Dubai World spokesman says the indebted conglomerate has secured the full support of creditors to its $24.9 billion restructuring plan.

The state-owned company announced last month that nearly all its creditors had signed on to the plan. But the lack of total agreement could have drawn Dubai World into protracted and potentially costly legal wrangling.

The Financial Times reported Wednesday that a US financial firm holding out on the deal sold $5 million worth of Dubai World debt to Deutsche Bank to resolve the issue.

A Dubai World spokesman, speaking on standing company rules of anonymity, confirmed the firm now has 100 per cent agreement with creditors.

A Deutsche Bank spokesman declined to comment.