The Fontainebleau hotel in Miami Beach in Florida became famous in the 1960s as a playground for stars such as Frank Sinatra, Elvis Presley and Jerry Lewis. The Fontainebleau hotel in Miami Beach in Florida became famous in the 1960s as a playground for stars such as Frank Sinatra, Elvis Presley and Jerry Lewis.

The debt restructuring agreement promised full repayment to creditors through a series of disposals of foreign assets mostly bought at peak prices in 2006-07.

The sale of Gazeley in June provided a sign that Dubai World, and other Dubai state-owned entities are taking action to meet debt obligations.

A unit of Toronto-based investment firm Brookfield Asset Management bought logistics warehouse developer Gazeley from Dubai World subsidiary Economic Zones World (EZW) for an undisclosed price.

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Other big Dubai World assets have been earmarked for sale under its restructuring plan, including stakes in MGM Resorts and Inchcape Shipping Services.