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UAE’s DIC inks USD2.4b debt restructuring deal

27 Nov 2011

(MENAFN) Dubai International Capital’s (DIC) spokeswoman said that following constant negotiations between the firm and banks, the two sides managed to reach a deal for DIC’s USD2.4 debt restructuring, reported Gulf News.

The firm added that DIC consented to repay USD2 billion of the debt being restructured after five years at an interest rate of 2 percent, moreover, an additional USD400 million would be repaid after three years, at current rates.

It also said that assets of DIC, which is a unit of Dubai Holding, include UK hotel chain Travelodge, Doncasters and Almatis Holdings BV, the European aluminum manufacturer.

It is worth noting that Dubai Holding’s units include Dubai Group and Dubai Holding Commercial Operations Group (DHCOG).

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