Wednesday 8 December 2010

gulfnews : DIC, banks in debt deal talks

Dubai International Capital, the investment arm of Dubai Holding, remains locked in negotiations with banks over extending the deadline for a $1.25 billion (Dh4.58 billion) loan that matured November 30 as part of efforts to secure a larger debt restructuring deal about double the loan size, a company spokesperson said on Tuesday.

"We are in a de-facto extension period whilst we seek to achieve a long-term consensual agreement," the spokesperson told Zawya Dow Jones without providing any further details.

DIC in May asked lenders for a three-month extension on some of its debts that would allow it to implement a "consensual longer-term plan," which was later extended until November 30.

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