Real estate related economic and financial news covering the MENA region.
Dubai Group lenders seek to repay $6bn debt early
Jul 31, 2012
Creditors of Dubai Group are seeking an option to be repaid early as the investment company reorganises $6bn of bank debt, Bloomberg has reported, citing three people familiar with the talks. Under the early exit proposal for the 10-year debt restructuring, banks can choose to be repaid the market value of their loans after five years, said two of the people. Banks opting for the exit clause are also seeking a guarantee that Dubai Group will have the cash to repay in case it can’t raise funds by selling assets, some of which are considered indivisible, one of the people said.