Osama's Cousin, Sultan Debt Laden

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Osama's cousin, Sultan Debt Laden Aug 26, 2010
http://www.telegraph.co.uk/finance/globalbusiness/7964780/Dubai-World-could-sell-DP-World-and-other-crown-jewel-assets.html

Yes I know its been in the National and Gulf News but but but, check out the bit where they 'fess up to actually being $39.9 Bn in Debt. Holy quacamole when will this end ........... :lol:


Dubai World could sell DP World and other 'crown jewel' assets
Debt-laden Dubai World has raised the prospect of selling previously ring-fenced "crown jewel" assets such as ports arm DP World.

By Helia Ebrahimi
Published: 6:15AM BST 26 Aug 2010

A strategy outline for the group at its latest creditor presentation looked at raising up to $19.4bn to appease creditors.

It was put together last month by the company and a co-ordinating committee which represent 60pc of the $23.5bn of debt being restructured.

The state-owned conglomerate is now canvassing creditors holding the remaining 40pc of owed monies to submit feedback before September 9 ahead of an October 1 "soft" deadline to complete the restructuring.

The outline document also revealed the group's debt stood at $39.9bn – far higher than estimates of about $25bn – even though not all of the debt is being restructured.

In the presentation the company said an immediate asset sale would raise just $10.4bn, but argued that recoveries for lenders would be "significantly enhanced if Dubai World is given time to rebuild and realise value over a five to eight year horizon".

It said the assets could fetch $19.4bn over this longer period.

Until now DP World, which bought P&O Ports in 2006 and runs Southampton and Tilbury docks in the UK, had been considered sacrosanct – along with Jebel Ali Free Zone.

Although Dubai World plans to resist selling either, the joint company/creditor document presented various disposal scenarios if that was the only way to quell creditor concerns.

viking-warrior
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Re: Osama's Cousin, Sultan Debt Laden Aug 26, 2010
The title of the thread alone was enough for me. :lol: :lol: :lol:
Bora Bora
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Re: Osama's cousin, Sultan Debt Laden Aug 26, 2010
$39,9bn debt, +$11bn debt for Istithmar = $50bn debt, instead of $24bn stated before, Dubai World LIED to its investors ? or is it their version of transparency
herve
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Re: Osama's cousin, Sultan Debt Laden Aug 28, 2010
Well... that's what happens when debt is not paid on time, and in full. It turns into a snow ball that keeps getting bigger and bigger with every passing moment!!


8) 8)
Tom Jones
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Re: Osama's cousin, Sultan Debt Laden Aug 28, 2010
"There are lies, damn lies...and statistics!"

:shock: :shock: :shock:

Knight
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Re: Osama's cousin, Sultan Debt Laden Aug 28, 2010
Owe the Bank’s a Million and you can’t pay back, YOU’RE in trouble!
Owe the Banks a few Billions and you can’t pay back, and it's the BANKS who are in trouble!

:D
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