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Dubai Holding division inks $555m credit restructuring deals

01 Jan 2011

(MENAFN) Dubai Holding Commercial Operations Group (DHCOG), a division of the governemnt-owned Dubai Holding, announced that DHCOG reached an agreement with its creditors for restructuring $555 million of debt into a five-year loan, reported The National.

Credit payments were due by mid of 2010. However, DHCOG got an extension of sixty days. Another sixty days were granted as DHCOG negoronations with creditors evolved. The company was able to secure a third extension in order to finalise agreements with creditors.

It is worth noting that Dubai Holding is owned by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai. Dubai Holding so far had received about $2bn of assistance from the Dubai Government.

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