FACTBOX-Key points of Dubai World restructuring plan

DUBAI, Sept 10 (BestGrowthStock) – 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.

FACTS AND FIGURES

* 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.

ASSET REALISATION PLAN

* 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.

KEY DATES

* 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.

NEW MANAGEMENT

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

* A creditor bank representative to have observer status.

NAKHEEL

* 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.
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CONSENT FEE

* 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.

INTEREST

* 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)

FACTBOX-Key points of Dubai World restructuring plan