Monday 29 March 2010
Dubai Holding eyes debt options
Dubai Holding, a conglomerate owned by the emirate’s ruler, is looking at options that could include restructuring to deal with as much as $20bn in debts as the Gulf commercial hub looks to grapple with broader debt issues.
The group, which spans financial investments, hospitality and real estate, could become the second large entity in Dubai to restructure debts after government-owned Dubai World tabled a restructuring proposal last week, including a $9.5bn injection of new money to help restructure $24.8bn in debts.
Talks between creditors and advisers had picked up in the weeks before Dubai World’s announcement, which was broadly welcomed as it pledged to repay creditors in full over time but with question marks over interest rates.
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