Financial services firm Dubai Group, part of a conglomerate owned by Dubai's ruler, missed an October interest payment on a $330 million loan on which Citibank was the sole bookrunner, sources said Thursday.
"The payment on the Citibank facility in October wasn't paid," said a source with direct knowledge of the matter. A second person confirmed the October payment had not been made.
The five-year loan, which matures Dec. 13, 2011, was used to fund Dubai Group's acquisition of a 49-percent stake in Bank Islam Malaysia. Bank Islam earlier this year said Dubai Group was trying to sell the stake.
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