Dubai Group Agrees $6 Billion Debt Accord With Lender Committees
09 May 2013 07:24 GMT
 
Dubai Group LLC, an investment company owned by the emirate's ruler, agreed on final terms for restructuring $6 billion of bank debt as the emirate re (more)

Dubai Group LLC, an investment company owned by the emirate's ruler, agreed on final terms for restructuring $6 billion of bank debt as the emirate recovers from the 2009 debt crisis.

Dubai Group has agreed to the "restructuring documentation, incorporating the final economic terms with the coordinating committees" and their advisers, it said in an e-mailed statement today. "Lenders, who have been fully informed of the terms of the restructuring, will need to formally agree the terms with their internal credit committees."

The emirate's credit risk dropped this week to the lowest since at least the start of the 2008 global credit crisis after three state-linked companies paid or refinanced $3.75 billion of debt in 2012, in addition to a 3.3 billion-dirham ($898 million) liability that matured in April. Companies are restructuring as economic growth picks up amid a recovery in tourism, real-estate and trade.


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