Union Properties reschedules $1.5 bln debt

* username: rupertbu

Dubai's Union Properties agreed with creditors to reschedule 5.5 billion dirhams ($1.5 billion) in debt, its chairman told an Arabic daily on Sunday.

The third-largest developer by market value in the Gulf emirate has been hit hard by the financial downturn heightening concerns over its debt position.

In an interview with al-Ittihad, Khalid bin Kalban denied any talks of merger between Union Properties and Deyaar, but added an acquisition could be a solution if liquidity is available for either company.