From the Financial Times, Dubai:
Creditors are pressuring Dubai World to speed up sales of assets before the state-owned conglomerate’s first debt repayment deadline in September 2015. Dubai World, which invested in property, leisure and other businesses around the world on the emirate’s behalf, triggered Dubai’s debt crisis in 2009 when it warned lenders that it would not be able to make debt repayments. The $25bn restructuring deal signed in 2011 with companies including HSBC, RBS and Abu Dhabi Commercial Bank helped lift the economic cloud over the emirate. Assets on the block include stakes in the Las Vegas CityCentre casino development, Cirque du Soleil and the Atlantis hotel in Dubai, where the meeting took place, and the Mandarin Oriental hotel in New York.
Read the original article here.
{ SOURCE: Financial Times }
