Dubai World restructures most of its debt

Before debt issues in Greece rattled investor confidence in Europe this spring, the possibility of default on Dubai World's debt shook markets around the globe. Dubai World is the state-run investment mechanism in Dubai.

The investment company representing Dubai World's interest said, however, that it had agreed on terms to restructure $24.9 billion in debt, 99 percent of its loans, The New York Times reported Friday.

A committee representing 90 lenders tentatively agreed to terms that include a $4.4 billion payment in five years, followed by a $10 billion payment 10 years from now.

Dubai World, in the meantime, could sell some assets, mostly likely its entertainment businesses such as hotels and amusement parks, the Times said.

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