Dubai World restruction plan unveiled

Dubai World plans to restructure about 26 billion US dollars in debt out of the estimated 59 billion it owes. This news is reassuring investors that the emirate's debt problems can be contained, and pushed global markets edge higher.

Dubai World unveiled details of a restructuring plan late on Monday that would cover debt owed by its main property firms, Nakheel and Limitless. Dubai threw global markets into a tailspin last week when it said it would ask creditors of Dubai World and Nakheel to agree to a standstill on billions of dollars of debt as a first step to restructuring.