Dubai Group LLC, the investment company owned by the emirate’s ruler, proposed paying interest of 1 percent to 2.5 percent in a $6 billion debt restructuring proposal, three people familiar with the plan said.
Four different interest rate classes have been proposed depending on the currency and the type of creditors, two people said, declining to be identified because the information is private. Secured creditors, whose loans are backed by assets, will be repaid principal in three years, according to the people. Banks that offered partially secured and unsecured loans will be returned principal in 12 years and receive additional interest at the end of the loan term, they said.
A spokeswoman for Dubai Group declined to comment.
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