The troubled conglomerate Dubai World announced on the night of Monday to Tuesday a forthcoming restructuring of some of his companies, including real estate giant Nakheel, which could include the sale of assets.
In his first statement since the crisis began Wednesday, Dubai World said that "the process of restructuring will involve World Nakheel and Limitless World" but not other group companies, including the giant Port DP World, "who are in financial stable.
The conglomerate said that "the restructuring process will include several phases which (…) evaluation of options, including asset sales.
He asked the bondholders to appoint Nakheel "an authorized representative with whom discussions can begin.
The Dubai authorities have announced November 25 their intention to request a six-month moratorium on the debt of Dubai World. The moratorium on the payment, provided December 14, 3.5 billion of Islamic bonds by Nakheel.
"Dubai can not stem the crisis