Dubai World, the state-owned conglomerate whose debt problems sparked last year's financial crisis in the emirate, has said it has reached an agreement "in principal" to repay its creditors.
It has proposed repaying 30 percent of its $23.5 billion debt within five years and the remainder three years later.
"Dubai World is pleased to announce that headline economic terms have been agreed in principle with the co-ordinating committee," which represents 60 percent of the group's bank lenders, it said in a statement.
Dubai World is negotiating with a core committee of seven banks, including RBS.
The chairman of Dubai's Supreme Fiscal Committee had said at the beginning of the month a deal could be completed within two weeks.
http://www.breakingtravelnews.com/news/article/dubai-world-agrees-debt-repayment-deal/