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DIC to delay bank repayment for 3 months

Dubai Holding's company reaches agreement with six banks to postpone repayment of more than $1 billion.

May 28, 2010 11:03 by

Dubai International Capital, a private equity investment arm of Dubai Holding, reported it has reached an agreement with six of its lending banks to delay repayment of a $1.25 billion debt until September 30th, the Telegraph reported.

The company said in a statement, “he extension period would allow the implementation of a consensual longer-term plan that would enable DIC to maximize the value of its business for the benefit of all its stakeholders,” the story quoted.

The DIC has a reported $2.6 billion in total debt, $1.25 billion of which is due now and has received the 90-day extension. British bank exposure to Dubai’s debts is of increasing concern as Europe faces its own debt crisis, the Telegraph said.

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