Nakheel, whose highly leveraged luxury developments — including artificial islands off the coast — came to symbolize Dubai's brash aspirations, will work on a restructuring agreement with its banks.
The company, based in Stamford, Conn., also said that it had entered into a restructuring agreement with lenders who hold $2 billion of its first-lien debt.
This swap, combined with that of 2005, ensured that more than 90 percent of the original bondholders had participated in a restructuring agreement.
Royal Bank of Scotland Group fired seven nonexecutive directors Friday as part of a restructuring agreement with the British government, which pumped in about $30 billion to rescue the bank.
If the standstill is rejected and a default is triggered, all parties would have to compromise to reach a restructuring agreement, sources said.
The union rejected a restructuring agreement Rodriguez made with the Red Sox on Wednesday, saying that Rodriguez did not benefit from the proposed changes.
For several months now, the company has been discussing a restructuring agreement with its bondholders that would keep the company out of bankruptcy court.
In April, the firm succeeded in hammering out a restructuring agreement, in which it put up $800 million in additional equity in a deal that cut its $20 billion debt load by about $4 billion.
According to Charles Blitzer (we are not related), a former senior staffer at the I.M.F., most bondholders participate in a restructuring agreement if, he said, "it's deemed a fair offer and they expect everyone else is going in".
The revised participation rate is up from the 96 percent rate announced last month, when the country struck a restructuring agreement to reduce its debt by about 100 billion euros ($130 billion).
