Dubai confirm Dh22bn debt restructuring

Dubai Group reaches final agreement with all financial lenders on restructuring of $6 billion of bank facilities

Dubai: Dubai Holding, the global investment holding company, said on Thursday its financial services arm, Dubai Group, has reached final agreement with all financial lenders regarding the restructuring of approximately $6 billion (Dh22.06 billion) of bank facilities.

“Another $4 billion of related party debt has been subordinated to the claims of the bank creditors,” Dubai Group said in a statement late on Thursday.

It added that as per the agreement, lenders agreed to extend maturity dates to December 31, 2016 for secured facilities and to December 31, 2024 for partially secured and unsecured facilities.

“We have successfully completed the financial restructuring of Dubai Group. This was a complex set of negotiations given the number of lenders involved. Now that all the restructuring required in Dubai Holding Investment Group (DHIG) is completed, we can focus without distraction on growing the Group’s commercial operations and enhance further its role in supporting Dubai’s growing economy,” Ahmad Bin Byat, Chief Executive Officer, Dubai Holding, said in a statement.