09 Jul 2010
(MENAFN) Banks have agreed to a two-month extension of $555 million revolving credit facility to the Dubai Holding Commercial Operations Group (DHCOG), the real estate and hospitality arm of Dubai Holding, Reuters reported.
Bankers familiar with the situation said it is a normal credit extension purely on commercial terms that was agreeable to all parties and does not imply the company is seeking a debt restructuring.
The extension is required to facilitate the finalisation of the documentation to renew the facility, the company statement said.
The group carried out a major re-alignment of its business during 2009, including the consolidation of its real estate businesses, Sama Dubai, Tatweer Dubai and Dubai Properties Group. It said last month it has undertaken a rigorous internal organisational re-alignment of various subsidiaries. Dubai International Capital, an investment unit of Dubai Holding with a $1.25 billion loan due in June, had sought a three-month extension on some of its payments on May 27.
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