Dubai World secured approval from all creditors for its $24.9 billion debt restructuring plan, according to a company official.
The backing from creditors is likely to speed up the process of closing the restructuring deal, said the official, who didn?t want to be identified because of company policy.
The Financial Times reported today that Aurelius Capital Management sold $5 million outstanding Dubai World liabilities to Deutsche Bank AG. Dubai World announced Sept. 10 that creditors holding more than 99 percent of the value of its loans approved its debt restructuring plan.
To contact the reporter on this story: Haris Anwar in Dubai at hanwar2@bloomberg.net
To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net
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