FACTBOX-Key points of Dubai World restructuring plan

DUBAI, Sept 10 Fri Sep 10, 2010 6:16am EDT

DUBAI, Sept 10 (Reuters) - State-owned conglomerate Dubai World [DBWLD.UL] has come to a formal agreement with over 99 percent of its creditors by value to restructure around $24.9 billion of liabilities, the government of Dubai said on Friday.

Separately, Dubai World said it was well-positioned to close the restructuring in "the coming weeks".

A final restructuring proposal, presented to creditors on July 22 and obtained by Reuters in August, showed Dubai World was eyeing sales of its period assets to cut its debt.

Following are the key new elements of the debt proposal.


* Total Dubai World debt: $39.9 billion

* Of this, Dubai World debt is $15.2 billion and subsidiary debt is $24.7 billion as of December 31 2009.

* DP World DPW.DI, one of Dubai World's most profitable subsidiaries, has total debt of $8 billion.

* Total Dubai World creditor claims: $24.8 billion. Of this $14.4 billion is bank debt and $9.4 billion is government and Nakheel [NAKHD.UL] claims.


* Dubai World present asset values between $6.4 billion and $10.4 billion.

* Projected future asset values over 5-8 year horizon between $15.1 billion and $19.4 billion.

* Dubai World investment arm Istithmar portfolio assets expected to generate $3.2-$4.5 billion in net disposal proceeds over next five years.

* Possible sale of strategic assets such as DP World and Jebel Ali Free Zone to underpin payment of maturities due after eight years.


* Sept 9 - Date for lenders to return the signed lock-up agreement and get paid the consent fee.

* Oct. 1 - Dubai World's target for completion, assuming concensual agreement reached with creditors.


* Dubai World to appoint a new permanent Managing Director and Chief Financial Officer (CFO).

* A creditor bank representative to have observer status.


* Nakheel debt includes $10.9 billion owed to financial creditors, $5.1 billion of contractors' claims and $9.2 billion of customer liabilities.

* Dubai Financial Support Fund (DFSF) to invest $7.3 billion new equity and $5.3 billion of claims to recapitalise Nakheel.

* Certain Nakheel assets to be transferred from Dubai World. [ID:nLDE67O0OM]


* Dubai World will pay a Consent Fee to lenders who sign lock-ups by Sept. 9 2010 of between $150,000 and $800,000 per lender.


* According to the restructuring document, Dubai World stopped paying interest at May 31 2010, subject to a 30-day rollover period. From July 1, interest has accrued and will be capitalised at the rates in the plan.

(Compiled by Rachna Uppal and Jason Benham)

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