Dubai Group is still in discussions with lenders and is committed to reaching an agreement on a debt restructuring, a company spokesperson told Bloomberg on Friday.
Reuters reported on Thursday that Dubai’s Supreme Fiscal Committee walked away from talks with creditors over Dubai Group’s $10 billion debt restructuring, citing two people it did not identify. The Dubai Group spokesperson declined to be identified by name, citing company regulations.
Dubai Group, controlled by Dubai Holding, is one of several companies in the emirate seeking to alter terms on borrowings after property prices slumped amid the global financial crisis, limiting access to credit markets. The company appointed eight banks to represent creditors in two committees in January 2011 to help speed up an agreement.
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