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Dubai Group says close to sealing $10bn debt deal
- United Arab Emirates: Sunday, May 12 - 2013 at 07:27
Dubai Group, the financial services arm of Dubai Holding, has said it expects a $10bn restructuring of its debt within weeks, sealing the Gulf emirate's recovery from a financial crisis that brought it to the brink of default, Reuters has reported. Dubai Group has been in talks with bank creditors for nearly three years. "We are now nearing the end and are confident that all parties will work with us to finalize the restructuring by early summer," said the firm's chief executive, Fadel Al-Ali. Banking industry sources confirmed they were nearing agreement on plans that would delay repayments by up to 12 years and give creditors seats on the board; but they cautioned that it was not yet a done deal. "The alternative is the deal will be brought down," said one of the sources. "But banks will have to ask themselves, 'Would this be a good thing for us and for Dubai if it fails?'"
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