Promised eight years of waiting

The conglomerate Dubai World fully pay its creditors within five to eight years. This is stated in today's report from Agence France-Presse, which refers to a plan submitted by the holding company debt. Recall that the debt problems of this government investment holding company of one of the slave Emirates in late 2009, shocked the financial system and badly battered nerves of international investors. Holding, who asked at the end of November 2009 the creditors a six-month delay in payment of debts, was to develop a scheme for the restructuring of its debt, constituting, as it was announced on Thursday, 23.5 billion dollars. In the statement, Dubai World said it was the duty of holding the government of Dubai in the amount of 8,9 billion dollars (38% of total debt) will be repaid through the issuance of securities. In this case, repayment of debt to creditors other than the government, "will be produced by 100% in two tranches with a new term of payment of five to eight years." This part of the debt, according to a conglomerate, is 14.9 billion dollars. Yesterday, the Dubai government announced to provide financial support to the holding of $ 9.5 billion dollars, 1.5 billion of them will be given in cash.