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FINANCIAL NEWS
Dubai Group to ink debt-restructuring deal in 6 weeks
12 May 2013
(MENAFN) Dubai Holding’s CEO, Ahmad Bin Byat, announced that the USD10 billion debt restructuring of the company’s unit Dubai Group is projected to take place in 6 weeks, reported Emirates 24/7.
Byat said that following the restructuring agreement; the company will become an independent one.
The restructuring proposal comprises asset sales, even though the company, which owns part of Borse Dubai that owns 20.6 percent of the London Stock Exchange, does not expect to sell any of its major assets in 2013.
It is worth noting that following the restructuring; the board of Dubai Group will include representatives from creditor banks and shareholders, in addition to independent members.
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