Dubai Group debt restructuring deal to be reached soon
- United Arab Emirates: Saturday, February 02 - 2013 at 05:25
Emirates NBD has said Dubai Group's $6bn debt restructuring with banks should be agreed in the "next few months," Bloomberg has reported. The bank is owed Dhs4.6bn ($1.3bn) by Dubai Group and took a Dhs950m writedown on the debt in the fourth quarter, said head of investor relations for the bank, Franz-Marwick. "During the fourth quarter, a new set of terms has been proposed," said Franz-Marwick. "We believe that these are near final terms. We are hopeful that an agreement can be reached in the next few months."
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