Dubai World has reached agreement with a "substantial majority" of creditors to back its $14.6 billion debt restructuring, the state-owned conglomerate said, putting the emirate on track to clear the last big hangover from a debt crisis, Reuters reported today. Dubai's economy has rebounded strongly from a local property crash which triggered a wave of debt restructurings at state-owned entities at the turn of the decade — most notably Dubai World's request for a debt standstill on $25 billion of obligations in 2009 that resulted in a global markets sell-off. It has been in talks with lenders for months to secure a renegotiation of terms of the debt deal it signed in 2011 which followed the 2009 standstill request.
