Investment firm Dubai International Capital, along with a committee of banks, requested a three-month debt extension Thursday till September 30th, though the debt size was not disclosed.
Dubai International Capital officials said, “The 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.”
Bloomberg News reported earlier in May that Dubai International Capital’s parent company Dubai Holding and its units owe $12 billion to banks and have commenced with discussions to restructure its loans.
Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, controls Dubai Holding.
