Dubai World says it has 99 percent of lenders on board with its $24.9B restructuring bid

Dubai World wins over most creditors to debt plan

DUBAI, United Arab Emirates — Dubai World says it has won over nearly all its creditors to its plan to restructure $24.9 billion in debt.

The struggling state conglomerate said Friday it has the support of about 99 percent of its lenders, who represent nearly all the debt involved.

It says the broad support means it should be able to finalize the months-old restructuring process in a matter of weeks.

The conglomerate’s acute credit problems shocked world markets last November, renewing concerns that the world’s financial system remains exposed to immense amounts of debt that might not be repaid in full.