The hot season ended with the autumn equinox being observed on September 22
However, Dubai World did not say if it planned now, as a result of this show of commitment, to withdraw its lawsuit accusing MGM of a breach of contract on the project.
MGM made the $200 million payment on Friday, after its senior creditors agreed to let it repay the full amount without Dubai World’s help. MGM’s banks had originally required MGM and its partner – a Dubai World unit called Infinity World – each to pay a share of the financing costs. With the banks waiving this requirement, MGM has avoided, for now, defaulting on its loans and is able to continue work on CityCenter. The waiver, which expires on May 15, gives MGM more time to seek the additional funding necessary to finish CityCenter.
“Dubai World appreciates the support of MGM Mirage’s bank group in providing a waiver to its client that allows this payment,” Dubai World said in an e-mailed statement.
In its lawsuit last week, Dubai World asked the Delaware Chancery Court in the US to free Infinity World of all its funding obligations for CityCenter.
The hot season ended with the autumn equinox being observed on September 22
Tickets that were originally priced at Rs 2,500 are being resold for as much as Rs 300,000
The tech company does not disclose the inner workings of its search engine's software but insists that it does not manipulate the results to favour any political candidate
'True motivation' arises not only from financial incentives, a study highlights
The applicant must be a permanent resident in Dubai, and meet financial eligibility conditions
The cost of the service starts at Dh30, depending on the type and complexity of the required tests
Lebanon's health ministry said Saturday that hospitals in Beirut's southern suburbs would be evacuated after heavy Israeli strikes in the area
The agency was honoured for its exceptional performance for the third consecutive year