"Investment firm Dubai Group's assets are worth just a fifth of its $10 billion of debt, sources involved in its restructuring said, signalling creditors signing up to a debt deal may face big losses without a major improvement in values.
A unit of Dubai Holding, the investment arm of Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, Dubai Group has a portfolio of mainly financial services assets bought during the boom years of the mid-2000s, but which have plunged in value since the 2008 global financial crisis.
After missing interest payments on two loan facilities in the latter part of 2010, Dubai Group and its lenders have been locked in what has been described by those involved as the most complex debt restructuring of a Dubai state-linked entity."
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