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FINANCIAL NEWS
Dubai’s DIC extends $2.5b loans
19 Dec 2010
(MENAFN) A statement issued by Dubai International Capital (DIC) announced that it has reached an agreement with leading creditors to extend the terms on $2.5 billion worth of debt, giving it six more years to pay back $2 billion of the debt and four more years for another $500 million, AP reported.
However, the Dubai-based investment firm revealed that the agreement was reached only with lenders representing the bulk of the debt and must still be approved by smaller creditors, said the statement.
DIC is part of conglomerate Dubai Holding, and owns stakes in several companies, including medical imaging firm Alliance Medical, and British hotel chain Travelodge Group.
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