Dubai Holding unit posts $6.2 bln loss in new hit | Reuters

Dubai Holding Commercial Operations Group (DHCOG) posted a $6.2 billion loss for 2009 on Tuesday due to Dubai's property crash and said it had access to emergency funding if needed, in the latest setback to the emirate's finances.

DHCOG said it was in talks with banks to roll over debt, was considering asset sales and was renegotiating balances owed to trade creditors after the crash put its cash flow under severe pressure.

DHCOG is a unit of Dubai Holding, the conglomerate owned by the emirate's ruler that belongs to the matrix of firms commonly known as Dubai Inc., which was badly battered by the financial crisis and remains in negotiations with creditors.