DUBAI, March 20 (Reuters) - Indebted state-owned conglomerate Dubai World is expected to propose imminently the terms of a plan to restructure $26 billion in debt to its key creditors.
In November, Dubai World announced it would request creditor banks for a standstill on debt payments, sending global markets tumbling. The company's major real estate subsidiaries, Nakheel and Limitless, are included in the restructuring.
Below is a timeline of key dates associated with Dubai World's restructuring announcement and upcoming plan.
2004
Bubble conditions appear in Dubai's credit and real estate sectors; developers flood the market with ambitious projects through easy access to bank financing.
2008
Dubai government launches $4 billion medium term notes (MTN) bond programme; property prices peak.
2009
FEBRUARY - Dubai launches $20 billion bonds, easing default worries, and UAE central bank immediately subscribes to $10 billion.
APRIL - Dubai hires investment bank Rothschild to advise on $20 billion support fund to help indebted companies.
JUNE - Dubai World hires turnaround experts Alix Partners to help with restructuring.
SEPTEMBER - Dubai World announces talks with core banks to reschedule $12 billion of debt. Nakheel's overseas properties transferred to Istithmar World, Dubai World's private equity unit.
OCTOBER - Dubai World says organisational restructuring nearly over, and will save $800 million over three years; cuts global workforce 15 percent.
Dubai government issues $2 billion Islamic bond.
NOVEMBER
Dubai ruler says emirate has Abu Dhabi backing.
25 - Dubai government issues $5 billion bond to two Abu Dhabi controlled banks. Shortly afterwards, government says Dubai World to request six
month standstill.
26
Dubai government says ports operator DP World excluded from Dubai World restructuring.
DECEMBER
14
Dubai pays Nakheel's $4.1 billion bond in full after Abu Dhabi offers $5 billion in last minute bailout.
21
Creditors meet with Dubai World for the first time after standstill announcement, and form coordinating committee.
2010
JANUARY
20
Dubai World unit Istithmar World, owner of Barney's New York, CEO resigns in management reshuffle.
FEBRUARY - Trial balloon floats 40 percent haircut to creditors and repayment after 7 years; government denies.
MARCH
31
Loan repayment on $1.2 billion Limitless due
End - Government deadline on Dubai World proposal.
APRIL
End - Abu Dhabi financial aid runs out; Dubai World's informal deadline for plan to creditors.
MAY
13
$980 million Nakheel sukuk repayment due.
JUNE - Dubai World $2.1 billion loan matures.
(Compiled by Rachna Uppal; editing by Firouz Sedarat, John Stonestreet) Keywords: EMIRATES DUBAIDEBT/TIMELINE (rachna.uppal@thomsonreuters.com; +971 4 391 8301; Reuters Messaging: rachna.uppal.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
In November, Dubai World announced it would request creditor banks for a standstill on debt payments, sending global markets tumbling. The company's major real estate subsidiaries, Nakheel and Limitless, are included in the restructuring.
Below is a timeline of key dates associated with Dubai World's restructuring announcement and upcoming plan.
2004
Bubble conditions appear in Dubai's credit and real estate sectors; developers flood the market with ambitious projects through easy access to bank financing.
2008
Dubai government launches $4 billion medium term notes (MTN) bond programme; property prices peak.
2009
FEBRUARY - Dubai launches $20 billion bonds, easing default worries, and UAE central bank immediately subscribes to $10 billion.
APRIL - Dubai hires investment bank Rothschild to advise on $20 billion support fund to help indebted companies.
JUNE - Dubai World hires turnaround experts Alix Partners to help with restructuring.
SEPTEMBER - Dubai World announces talks with core banks to reschedule $12 billion of debt. Nakheel's overseas properties transferred to Istithmar World, Dubai World's private equity unit.
OCTOBER - Dubai World says organisational restructuring nearly over, and will save $800 million over three years; cuts global workforce 15 percent.
Dubai government issues $2 billion Islamic bond.
NOVEMBER
Dubai ruler says emirate has Abu Dhabi backing.
25 - Dubai government issues $5 billion bond to two Abu Dhabi controlled banks. Shortly afterwards, government says Dubai World to request six
month standstill.
26
Dubai government says ports operator DP World excluded from Dubai World restructuring.
DECEMBER
14
Dubai pays Nakheel's $4.1 billion bond in full after Abu Dhabi offers $5 billion in last minute bailout.
21
Creditors meet with Dubai World for the first time after standstill announcement, and form coordinating committee.
2010
JANUARY
20
Dubai World unit Istithmar World, owner of Barney's New York, CEO resigns in management reshuffle.
FEBRUARY - Trial balloon floats 40 percent haircut to creditors and repayment after 7 years; government denies.
MARCH
31
Loan repayment on $1.2 billion Limitless due
End - Government deadline on Dubai World proposal.
APRIL
End - Abu Dhabi financial aid runs out; Dubai World's informal deadline for plan to creditors.
MAY
13
$980 million Nakheel sukuk repayment due.
JUNE - Dubai World $2.1 billion loan matures.
(Compiled by Rachna Uppal; editing by Firouz Sedarat, John Stonestreet) Keywords: EMIRATES DUBAIDEBT/TIMELINE (rachna.uppal@thomsonreuters.com; +971 4 391 8301; Reuters Messaging: rachna.uppal.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.