For starting the process of restructuring the debt laden conglomerate, the Dubai Officials will meet representatives from 100 banks who advanced them money.
The officials are in talks with the creditors for the repayment of the loans taken by subsidiaries of the Dubai World group.
Sheikh Ahmed bin Saeed al-Maktoum, Dubai Ruler’s Uncle was sent to London to discuss the debt problems faced by the country.
Dubai's debt worries might be eased a little now, thanks to the $10 Billion worth of bail-out that has been given to Dubai World by the neighboring Abu Dhabi, and it has been confirmed that out of the total money, $4.1 Billion would be used to repay the "Nakheel unit's Islamic bond" which is to mature on Monday.
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