Dubai International Capital LLC, an investment company owned by Dubai’s ruler, presented a plan to creditors to sell assets over five years to repay $2.6 billion of debt, two people with knowledge of the plan said.
DIC has also sought a second extension until November at commercial terms on the repayment of a $1.25 billion loan as it draws up a restructuring plan, the people said, declining to be identified because the information is private. The loan, originally to mature in June, was first extended to Sept. 30.
Preliminary estimates of the value of the company’s assets suggest that sales proceeds would be enough to repay principal, a banker with knowledge of the plan said. Negotiations are under way on the interest rate of the extended loans, he said. A spokesman for Dubai International Capital declined to comment.
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