Dubai Group Said to Agree on $6 Billion Debt Overhaul Deal - Bloomberg

Dubai Group Said to Agree on $6 Billion Debt Overhaul Deal - Bloomberg:



"Dubai Group LLC, an investment company owned by the emirate’s ruler, signed a $6 billion debt agreement with about 30 banks, ending more than three years of negotiations, two bankers with knowledge of the matter said.



 Term documents were sent to lenders earlier this month and signed this week, according to the bankers, who asked not to be identified because the information is private. A spokeswoman for Dubai Group wasn’t immediately able to comment.



 The deal is a further milestone in Dubai’s recovery from the 2009 debt crisis which roiled global markets. Several state-owned companies in the Persian Gulf tourism and business hub, including palm island developer Nakheel PJSC, were forced to delay repayments after credit markets froze. Dubai Group, which owns stakes in Oman’s biggest lender Bank Muscat SAOG and local investment bank Shuaa Capital PSC (SHUAA), agreed main terms with a group representing lenders last year."



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