Dubai World has begun talks with banks to restructure $26bn (£15.8bn) of debt as the Gulf emirate begins to tackle problems that rattled global stock markets.
In its most detailed statement since the crisis erupted last week, the state investment company Dubai World said 'constructive' talks had started over $26bn of debt, including a $6bn sukuk bond sold by Nakheel, one of the property companies owned by Dubai World, the Telegraph reports.
The talks will be conducted on an 'expedited' basis, Dubai World said, and will include the possible sale of a slew of trophy assets the company garnered over the last decade. Full story...
DUTCH INSURER Aegon said on Tuesday it had repaid 1.15bn euros ($1.73bn), or one third, of support it received from the Dutch government, Reuters reports.
"Repayment of the initial 1 billion euros to the Dutch government is an important first step toward full repayment of the core capital funded by the Dutch government," Aegon said in a statement.
Aegon said it paid a premium of 108 million euros, based on the volume weighted average share price of Aegon shares of 4.8315 euros during the five trading days from Nov. 23. Full story...
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