Dubai Group, part of the investment vehicle headed by Dubai's ruler, has proposed a new solution to its $10 billion debt problem, sources said, reviving talks that stalled more than two months ago.
The company wants to pay as little as 1 percent interest for an extension of its debt of up to 12 years, sources told Reuters on Thursday.
The proposal, sent to lenders on the two creditor committees earlier this week and which will be put to all banks at a meeting on April 16, is the first time Dubai Group has offered a solution since the government walked away from talks at the end of January.
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