Emirate pledges vital support for company's debt restructuring

DUBAI, United Arab Emirates - Dubai will support Dubai World's debt restructuring with $9.5 billion as the state-owned holding company asks creditors to wait up to eight years to get all their money back.

The additional funds double to $20 billion the amount the government paid to the emirate's holding company after it said in November it would seek to delay repaying debt until May. That announcement sparked a plunge in developing-nation stocks and doubled the cost to protect against a default by Dubai.