Dubai World is to ask its creditors for up to eight more years to pay back a $22 billion debt. The troubled investment fund, which owns the QE2 cruise liner and Cirque du Soleil, will promise creditors that it will be able to repay the entire debt if granted the extension.
Dubai World is putting the iconic cruise liner QE2 up for sale, as well as host of other interests including Cirque du Soleil, as it grapples to cut its $22bn debt mountain.
South Africa has confirmed it is considering a proposal from Dubai to permanently berth the Queen Elizabeth 2 liner at the Victoria and Albert Waterfront in Cape Town, and convert it into a luxury floating hotel.
Plans to turn the QE2 into a luxury hotel in Dubai could be shelved as its developer pull the reigns on construction budgets.Government-owned Nakheel, which bought the liner in 2007 from Cunard, had planned to “usher in the next exciting chapter of her rich and dignified life”, including building a 6,000 sq yd spa complex, and replacing the ship’s funnel with a glass structure to house penthouse suites.