Yesterday, Dubai World, the struggling investment branch of the emirate of Dubai, announced that it had tentatively reached an agreement with a group of banks to restructure $23.5 billion in debt. The tentative agreement was reached with the Coordinating Committee, which represents approximately 60% of Dubai World's creditors. Dubai World needs the approval of all of its creditors to finalize the agreement. The company announced that the basic terms of the restructuring had not changed in its fundamentals since March 25, 2010, when the Dubai government committed to fund up to $9.5 billion to assist in the company's debt restructuring efforts. If approved, the $14.4 billion in debt will be split into two tranches. The first portion, $4.4 billion, will mature in five years, while the remaining $10 billion will mature in eight years. Dubai World highlighted that the proposal "puts the Company on a sound financial footing and reflects the continued support of the Government of Dubai and its lenders."