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DUBAI, March 20 (Reuters) – Indebted state-owned conglomerate Dubai World is expected to propose imminently the terms of a plan to restructure $26 billion in debt to its key creditors.

In November, Dubai World announced it would request creditor banks for a standstill on debt payments, sending global markets tumbling. The company’s major real estate subsidiaries, Nakheel and Limitless, are included in the restructuring.

Below is a timeline of key dates associated with Dubai World’s restructuring announcement and upcoming plan.

2004 – Bubble conditions appear in Dubai’s credit and real estate sectors; developers flood the market with ambitious projects through easy access to bank financing.

2008 – Dubai government launches $4 billion medium term notes (MTN) bond programme; property prices peak.

2009

FEBRUARY – Dubai launches $20 billion bonds, easing default worries, and UAE central bank immediately subscribes to $10 billion.

APRIL – Dubai hires investment bank Rothschild to advise on $20 billion support fund to help indebted companies.

JUNE – Dubai World hires turnaround experts Alix Partners to help with restructuring.

SEPTEMBER – Dubai World announces talks with core banks to reschedule $12 billion of debt. Nakheel’s overseas properties transferred to Istithmar World, Dubai World’s private equity unit.

OCTOBER – Dubai World says organisational restructuring nearly over, and will save $800 million over three years; cuts global workforce 15 percent.

Dubai government issues $2 billion Islamic bond.

NOVEMBER

Dubai ruler says emirate has Abu Dhabi backing.

25 – Dubai government issues $5 billion bond to two Abu Dhabi controlled banks. Shortly afterwards, government says Dubai World to request six-month standstill.

26 – Dubai government says ports operator DP World excluded from Dubai World restructuring.

DECEMBER

14 – Dubai pays Nakheel’s $4.1 billion bond in full after Abu Dhabi offers $5 billion in last minute bailout.

21 – Creditors meet with Dubai World for the first time after standstill announcement, and form coordinating committee.

2010

JANUARY

20 – Dubai World unit Istithmar World, owner of Barney’s New York, CEO resigns in management reshuffle.

FEBRUARY – Trial balloon floats 40 percent haircut to creditors and repayment after 7 years; government denies.

MARCH

31 – Loan repayment on $1.2 billion Limitless due

End – Government deadline on Dubai World proposal.

APRIL

End – Abu Dhabi financial aid runs out; Dubai World’s informal deadline for plan to creditors.

MAY

13 – $980 million Nakheel sukuk repayment due.

JUNE – Dubai World $2.1 billion loan matures.

(Compiled by Rachna Uppal; editing by Firouz Sedarat, John Stonestreet) Keywords: EMIRATES DUBAIDEBT/TIMELINE

(rachna.uppal@thomsonreuters.com; +971 4 391 8301; Reuters Messaging: rachna.uppal.reuters.com@reuters.net)

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