2009’s debts comes back to haunt Dubai

When the state-linked entity DUBAI WORLD had such enormous debts in 2009, that  almost ruined the Emirates, a restructuring deal was made in June 2010. The agreement planned a repayment scheme in 3 years time that was scheduled to start this year.
In the DUBAI WORLD restructuring proposed to banks, the money was meant to be raised by asset sales. According to the plan between 2010 and 2012, the sale of P&O Ferries and Warehouse developer Gazeley could have raised from $1.3 to $2.3 billion.
Then from 2013 to 2015 the disposal of department stores Barney and Loehmann’s and MGM Resorts International is supposed to bring another $3.9 to $5.3 billion. But the assets still have