Dubai World – which owns travel and tourism assets including Leisurecorp and Istithmar - shocked global financial markets in November 2009 when it asked for a six-month delay on debt repayments.
Following negotiations with the city-state's government, the troubled company will now offer proposals to investors, allowing the company to restructure $23.5bn of debt.
The deal will also see Dubai World convert $8.9bn of debt into equity.
"This proposal represents the best possible solution for all stakeholders," Dubai World said in a statement.
http://www.breakingtravelnews.com/news/article/dubai-world-secures-9.5bn-government-backing/