DUBAI, United Arab Emirates (AP) — An investment company controlled by Dubai’s ruler says lenders to one of its divisions have agreed to restructure the terms on $2.5 billion worth of debt.
Dubai Holding said Thursday the agreement involving its Dubai International Capital subsidiary puts the firm on “sound financial footing” following months of wrangling with creditors.
The deal solidifies a preliminary agreement DIC secured with lenders in late November.
DIC is part of ruler Sheik Mohammed bin Rashid Al Maktoum’s Dubai Holding conglomerate. Its investments include stakes in British hotel chain Travelodge Group and precision engineering company Doncasters Group.