DUBAI-Distressed debt fund Aurelius Capital Management is the sole objector to a $25 billion restructuring agreement to bail out Dubai World, according to the Financial Times. Aurelius is owed $5 million, and the only company out of more than 70 to not vote in favor of the agreement, the publication said Monday.
Neither company could be reached for comment. Dubai World has outstanding debt of about $14.2 billion, with $10 billion owed to the Dubai government. The new deal involves the company repaying its loans over five to eight years at sub-commercial interest rates. For the full story, go to the Financial Times.
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