Dubai World will transfer two of the emirate's biggest property developers to the Government as it completes a debt restructuring in the wake of the financial crisis, The National reported. Agreements have been signed on the terms for the separation of Nakheel and Limitless "operationally and financially" from Dubai World, the board of directors said in a statement. In addition, Nakheel said it had secured unanimous approval from banks for its US$10.9 billion (Dh40.03bn) debt restructuring, which will trigger the issuance of a Dh6bn Islamic bond.

Nakheel PJSC, the builder of man-made islands off Dubai’s coast, said the company got the approval of all its bank creditors to restructure debt, Bloomberg reported. Nakheel “received acceptance from 100 percent of the banks and the required majority of its trade creditors giving their consent to the Nakheel restructuring plan,” it said today in an e-mailed statement. Nakheel also signed agreements on its operational and financial separation from Dubai World, it said. The legal separation will happen upon completion of Nakheel’s restructuring, the real-estate company said.

A restructuring of billions of dollars of debt at a leading Saudi Arabian steel manufacturer has set a new precedent for complex financial restructurings in the kingdom, lawyers say. Last week, Al-Ittefaq Steel Products Company and 18 banks reached an out-of-court agreement to refinance about SR7.5bn ($2bn), the Financial Times reported. Under the arrangements, none of the banks will take write-offs and the company will be able to continue some of its expansion plans.

Kuwait Finance House, the country's biggest Islamic lender, said on Sunday it has signed a deal with Gulf Investment House to restructure the KD49.5 million ($180 million) it owes in debts, TradeArabia reported. The agreement 'includes converting the current debts from short term to medium term for a period of five years. The agreement was signed in collaboration with Boubyan Bank and Burgan Bank,' KFH said in a statement.

One has to hand it to Adnan Al-Musallam, chairman of The Investment Dar (TID), the Kuwait-based Islamic investment company, which owes its creditors over $3.5 billion. Over the last two years, he has fought off any attempt from some creditors to put TID under administration or declare it bankrupt, ArabNews.com reported. He has successfully persuaded the court in Kuwait to give his debt-restructuring plan a chance to the chagrin of a few of TID’s creditors.

Indebted real estate developer Nakheel said on Thursday it had secured over 98 percent, or near unanimous, approval for its $10.9 billion debt restructuring plan from banks, Reuters reported. Under Nakheel's restructuring proposal, trade creditors would receive repayment through 40 percent cash and 60 percent in the form of a $1.63 billion Islamic bond, expected by the end of the first half.

The International Monetary Fund agreed Sunday to lend Egypt $3 billion with few stated conditions to help the country mend its ailing economy, The Wall Street Journal reported. Egypt's finance minister, Samir Radwan, and the deputy director of the IMF's Middle East and Central Asia Department, Ratna Sahay, at a news conference announced a 1.5% interest rate on the one-year loan, which is to be paid in full within five years.

Dubai's government says struggling state conglomerate Dubai World has signed a final agreement with creditors to restructure billions of dollars in debt, Bloomberg Businessweek reported on an Associated Press story. The emirate's media office announced the signing of the deal involving about 80 creditors Wednesday. It formalizes a tentative agreement reached last year. Dubai World secured full creditor support for its $24.9 billion debt restructuring plan in October.

Investment Dar Co., the owner of half of Aston Martin Lagonda Ltd., said its management and the coordinating committee that represents its creditors agreed to the final details of a restructuring plan, Bloomberg reported. The details of the "long form term-sheet, which sets out the mechanics of the proposed restructuring plan, were agreed" in meeting on March 16, Kuwait-based Investment Dar said in an e-mailed statement Sunday. The plan is under review by a Kuwaiti court, which holds its next hearing on April 7, it said.

The Justice Department's bankruptcy trustee is protesting Bahrain's Awal Bank BSC's request to withhold from public view amounts owed to creditors and other financial details typically exposed in Chapter 11 bankruptcy cases, Dow Jones Daily Bankruptcy Review reported. The objection filed Wednesday puts the bankruptcy trustee at odds with the foreign administrator that Bahraini authorities have appointed to manage Awal's insolvency proceedings around the globe. That administrator has said that withholding specific creditor details is in line with procedures followed in Bahrain.