Dubai World starts planning ways to pay creditors back

By IBTimes Staff Reporter | May 20 2010 3:19 AM

Dubai World, which was government intervened said that that it was going to plan on paying back $14.4 billion to a group of creditors, as $4.4 billion will be paid in five years and the rest in eight years. Banks are going to choose from loan maturities in dirhams or dollars with different interest rates.

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The total amount of liabilities, which include the debt of Dubai's government, equals $23.5 billion. On the $4.4 billion of loans maturing in five years, banks are going to be paid an interest rate of 1%. The eight-year loan maturities will either have interest of 1% or different rates between 1.5% and 2.5%.