DIC has creditor support on debt delay plan -source

DUBAI, May 27 (BestGrowthStock) – The main creditors of Dubai
International Capital (DIC), the private equity business of
Dubai Holding, support the company’s debt delay request, a
person familiar with the matter said on Thursday.

DIC holds around $2.6 billion in debt, including a loan
$1.25 billion loan that matures in June, the person said.

DIC earlier on Thursday said it requested a three-month
delay on some obligations.

During the period of extension, amortization and interest
will continued to be paid as normal, the person said.

The coordinating committee that supports DIC’s plans
consists of six members and is led by U.K.-based HSBC (HSBA.L: )
and Emirates NBD (ENBD.DU: ), the UAE’s third-largest bank by
market value.

Both banks are also part of a coordinating committee that
led the negotiations between creditors and Dubai World
[DBWLD.UL], the flagship investment vehicle that recently
announced a deal to restructure billions of debt.

Stock Research Tools

(Reporting by Nicolas Parasie; editing by Thomas Atkins)

DIC has creditor support on debt delay plan -source