Lex

Lex: Dubai World

Dubai announced a restructuring proposal for troubled conglomerate Dubai World on Thursday, including a commitment to pump $9.5bn into the company and Nakheel, its development arm. The government, which said the plan would take several months to implement through talks with creditors, will fund the new business plan with the $5.7bn left over from the $10bn bail-out loans from Abu Dhabi last year, and the remainder from internal government resources. Richard Stovin-Bradford analyses the debt restructuring plan.