Dubai Holding's private equity arm is expected to seek a fresh extension on the repayment of a US$1.25 billion (Dh4.59bn) loan when a debt restructuring deadline expires tomorrow, according to a source close to the negotiations.
Dubai International Capital (DIC) had previously sought and received two extensions on the loan to buy time for restructuring talks to progress. The second, which delayed repayment until the end of this month, was agreed on in September. DIC is looking to restructure repayment on total debts of $2.6bn.
Those talks are part of a broader shake-up at Dubai Holding, which has total debts of more than $9bn and numerous divisions that are looking at repayment extensions."
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