LOS ANGELES — Dubai World borrowed billions of dollars to acquire some of the most high-profile commercial developments in the United States in recent years, and it could be forced to sell them at a loss if the Persian Gulf conglomerate can’t restructure its debts.
Dubai World said last week it would seek a six- month delay in paying creditors on nearly $60 billion it owes. The desert emirate racked up the debt during its own real-estate bubble that popped with the global recession.
Among Dubai World’s U.S. assets are several luxury hotels — a sector that has been one of the hardest hit.
One of Dubai World’s biggest units, Istithmar World, spearheaded the holding company’s acquisition of the Mandarin Oriental, New York, for about $380 million in 2007, and a 50 percent stake in the Fontainebleau Miami Beach for about $375 million last year.
