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Dubai World, Nakheel seek Standstill in Revamp, Govt says - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – The government of Dubai will ask creditors to its two flagship firms, Dubai World and property group Nakheel, to a debt standstill as it restructured the Dubai World group, the government said in a statement on Wednesday.

“Dubai World intends to ask all providers of financing to Dubai World and Nakheel to ‘standstill’ and extend maturities until at least 30 May 2010,” the statement said.

The restructuring will be designed to address financial obligations and improve business efficiency for the future, the statement said.

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Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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