Latest breaking news: Indebted Dubai World rejected asset sale
Report: Dubai World official says indebted conglomerate rejected asset sale at
'low prices'
By Barbara Surk, Associated Press Writer
On 5:25 am EST, Sunday November 29, 2009
DUBAI, United Arab Emirates (AP) -- A Dubai World official says the
conglomerate dismissed the possibility of selling some of its assets at a
discounted price to cover some of the $60 billion in debts coming due.
Al-Itihad newspaper on Sunday quoted a company source as saying over past
months Dubai World "rejected the idea of selling some of its good investment
and real estate assets."
Dubai World's holdings range from ports to real estate. It said Wednesday it
was seeking a debt payment deferment of at least six months that would also
cover its real estate arm, Nakheel. That subsidiary has a $3.5 billion bond due
next month.
The news roiled global markets and renewed fears that banks hammered by the
global recession would be forced to absorb new losses
