The restructuring of Dubai Holding [DUBAHC.UL] is under way and will include a haircut for creditors and injections of fresh government funds, the vice chairman of Dubai's top fiscal body told the Financial Times.
Mohammed al-Shaibani, who is also director of the Dubai ruler's court, told the FT in an interview that the government had so far pumped $2 billion into the conglomerate, which is owned by the Gulf emirate's ruler.
A year ago, Dubai's other flagship state-owned conglomerate, Dubai World [DBWLD.UL], shocked global markets when it asked for a standstill agreement on $26 billion worth of debt.
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