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Dubai World to Refinance USD 14.6 Bln Debt

first_imgzoom Dubai government-owned conglomerate Dubai World has struck a new deal with creditors to extend and amend its outstanding USD 14.6 billion debt, Reuters reports citing company announcement.The deal envisages full early repayment of 2015 maturities of USD 2.92 billion in addition to extension of the conglomerate’s remaining 2018 maturities to 2022.Dubai World has been at the negotiating table with creditors since last year and managed to secure support from “substantial majority of its creditor banks” at a meeting held in London in early December last year, Reuters said.The deal on extension is subject to review by the Dubai World Tribunal, a body formed to process Decree 57 cases.Decree 57 is a special law issued to help government-related companies restructure their outstanding debts.The tribunal will hold a hearing on Dubai World’s filing on Tuesday.Dubai World’s business portfolio includes DP World, Drydocks World, Dubai Maritime City, Economic Zones World and Istithmar World.World Maritime News Stafflast_img read more

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Students stay up for the environment

Students will stay up all night for a cause this weekend.How Can You Sleep at Night? is an overnight Student Life and Community Experience event where students learn about issues affecting the planet. Participants collect pledges to stay awake learning and discussing topics such as:climate changeglobal warmingwater conservationfood sustainabilityAll proceeds go to the David Suzuki Foundation.Lee Norton from Climate Reality Project Canada, Jane Hanlon of Climate Action Niagara and a representative from the student group DIG (Develop, Integrate, Grow) will be guest speakers.The event starts Saturday, Jan. 28 at 7 p.m. in Pond Inlet and goes until 7 a.m. the next morning. Register for free here. read more

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