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Sunday 31 January 2010
Union Properties reschedules $1.5 bln debt
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.
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