Nov. 25 (Bloomberg) -- Dubai World, with $59 billion of liabilities, will seek to delay debt payments, sending contracts to protect the emirate against default surging by the most since they began trading in January. The state-controlled company will ask all creditors for a “standstill” agreement as it negotiates to extend maturities, including $3.52 billion of Islamic bonds due on Dec. 14 from its property unit Nakheel PJSC, the builder of palm tree-shaped islands, Dubai’s Department of Finance said in an e-mailed statement. Moody’s Investors Service said it would consider the plan a default should bondholders be forced to accept the terms...FULL ARTICLE
Source: http://www.bloomberg.com/apps/news?pid=20601087&sid=aGfMX1gn3CEk&pos=1
