Debt options considered by Dubai Holding
It was reported by a well known newspaper recently that a conglomerate owned by the emirate's ruler, dubbed Dubai Holding, is looking into options, which include the restructuring of as much as US$20 billion ($28 billion) in debt.
The conglomerate is also mulling to hire a financial advisor in order to explore the rescheduling of loans in the next few months.
But the newspaper, which reported the recent development, was not able to get any comments from Dubai Holding.
Dubai Holding has a chance of becoming the second prominent group in emirate to restructure debt on an enormous scale. The holding also has various interests including in the financial, hospitality and property sectors.
Last week, a restructuring proposal aimed at renegotiating terms on US$24.8 billion of debt following Dubai's property market was badly hit by the global credit crisis, (which also disabled the ability of the emirate's companies to raise loans), was tabled by Dubai World.
Creditors have been proposed a shortfall guarantee as part of a repayment plan by Dubai World.
In a statement issued by Dubai World on 25th March, when the restructuring plan was announced, it had not outlined the guarantee clause.
New Zealand News
- Hyundai Motor Corp to create ultra-fast EV charging network E-pit in Korea
- MGE gets six-month extension for South Korea’s Inspire Entertainment Resort development project
- Price of two cheapest trims of Tesla Model 3 electric sedan increased by $500
- Genting Malaysia asks employees to accept reduced pay; executives to take leave without pay
- Tesla to design & build affordable EV in China: Tom Zhu
- Norway’s ICE car sales decline as buyers making shift to EVs
- Pursang launches Retro-inspired E-Track Motorcycle for Euro 14,449 in Netherlands
- ElectReon successfully tests dynamic wireless EV charging system on public road in Sweden
- Volvo to design special Gothenburg Green City Zone for autonomous & related technologies