Exclusive: Dubai Group signs $10 bln debt restructuring deal - sources | Reuters:
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Dubai Group has signed a $10 billion debt restructuring deal, two sources with knowledge of the matter told Reuters on Thursday, bringing an end to the last major hangover from the emirate's 2009 financial crisis.
Dubai state-linked entities borrowed heavily from banks to fund a spree of acquisitions during the boom years of 2006-08.
But as credit markets dried up following the global financial crisis and a local real estate bubble burst, they found themselves unable to manage their obligations and were forced to renegotiate tens of billions of dollars of debt.
Dubai Group, the investment vehicle owned by the emirate's ruler, signed the restructuring deal on Wednesday, the sources said, speaking on condition of anonymity as the information is not public."
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The Emirates Towers, which house the headquarters of Dubai Group, are seen on Sheikh Zayed road in Dubai May 9, 2013.
CREDIT: REUTERS/AHMED JADALLAH
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Dubai state-linked entities borrowed heavily from banks to fund a spree of acquisitions during the boom years of 2006-08.
But as credit markets dried up following the global financial crisis and a local real estate bubble burst, they found themselves unable to manage their obligations and were forced to renegotiate tens of billions of dollars of debt.
Dubai Group, the investment vehicle owned by the emirate's ruler, signed the restructuring deal on Wednesday, the sources said, speaking on condition of anonymity as the information is not public."
'via Blog this'
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