Dubai World prepays $284.5 mln to creditors - sources

DUBAI, March 5 Wed Mar 5, 2014 3:53am EST

DUBAI, March 5 (Reuters) - Dubai World, one of the emirate's big state-owned conglomerates, has prepaid $284.5 million to creditors under its $25 billion debt restructuring plan, sources familiar with the matter said on Wednesday.

The conglomerate obtained money for the prepayment from asset sales, said the sources who declined to be named because the matter isn't public.

Under the terms of the restructuring deal, cash raised from asset sales above a threshold of $300 million is to be distributed to creditors as early repayments, one source said.

A Dubai World spokesman declined to comment.

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