Dubai World opens talks with small creditors
DUBAI (Reuters) – Troubled conglomerate Dubai World (DBWLD.UL) has begun talks with small creditors, not included in the coordination committee of banks on its restructuring plan, to avoid any lawsuits, a UAE newspaper said on Sunday.
The company, which has $14.4 billion in outstanding bank debt that it said it will be able to repay, has started negotiations with the smaller group after lending banks approved its restructuring plan, Arabic daily Al Ittihad said, citing banking sources familiar with the matter.
Dubai World is prepared to sell prized assets, including ports firm DP World (DPW.DI), in a bid to raise as much as $19.4 billion to repay creditors, a document obtained by Reuters showed on Wednesday.
“Soft despotism is a term coined by Alexis de Tocqueville describing the state into which a country overrun by "a network of small complicated rules" might degrade. Soft despotism is different from despotism (also called 'hard despotism') in the sense that it is not obvious to the people."
Tuesday, August 31, 2010
Flying high in April, shotdown in May
Posted by Anonymous at 8/31/2010 05:47:00 AM