Doom Replaces Boom in Dubai
A blow to investors in the playground of the rich and famous vulgar and tasteless. Dubai is considered in default by many investors today as it proposed to delay its debt payments. Dubai World, the government owned company with $59 billion of liabilities, has sought a “standstill” agreement from creditors. It has asked for a 6 month delay on repayments, $3.5bn of which were due next month. According to Bloomberg, Global credit rating agency Standard & Poor’s, which rules on a company’s …
A blow to investors in the playground of the rich and famous vulgar and tasteless.
Dubai is considered in default by many investors today as it proposed to delay its debt payments.
Dubai World, the government owned company with $59 billion of liabilities, has sought a “standstill” agreement from creditors. It has asked for a 6 month delay on repayments, $3.5bn of which were due next month.
According to Bloomberg, Global credit rating agency Standard & Poor’s, which rules on a company’s or government’s ability to repay its debts, said the announcement “may be considered a [debt] default”.
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