THE company that owns half of Southampton’s container terminal, will not be included in a restructuring of Dubai World to settle some of its billions of pounds of debt.
The Dubai Government, which owns conglomerate Dubai World, says its company Dubai Ports World – which bought the former P&O ports operation – will be left out of plans to settle a £2.1 billion debt.
Dubai World, which also includes property giant Nakheel which bought the QE2 and owns Palm Jumeirah, pictured, has asked creditors for a six-month standstill on its debt which was due to be paid next month.
In a statement, the firm said: “The Government of Dubai has confirmed that DP World and its debt are not included in the restructuring process for Dubai World.”
The repayment, which is now likely to be delayed, was widely regarded as a key test of the region’s ability to meet its obligations.
In October DP World reported a six per cent fall in third-quarter container volumes and said its 2009 results would be in line with market expectations.
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