Dubai Holding rolls on with another debt restructuring | Beyond Brics | FT.com

So this is how they roll in Dubai.

Just a week ago, Moody’s cut the rating of Dubai Holding Commercial Operations Group, the non-financial arm of a conglomerate owned by the ruler, to B2. Dubai Holding’s CEO Ahmad Bin Byat defiantly detracted attention from this fact by striking a bullish note in DHCOG’s annual report.

Luckily, DHCOG has won agreement for a two-month rollover of a $555m club loan owed to RBS, Citi and Standard Chartered. The agreement will give the real estate, hospitality and business parks operator, time to present banks with a detailed business plan that will give the lenders an idea on how they can term out the debt.