Dubai Holding unit delays $555m loan repayment
Dubai, September 7, 2010
Dubai Holding's main unit will extend for the second time repayment on a $555 million loan until November 30, the company said in a statement on on Tuesday.
'Dubai Holding Commercial Operations Group (DHCOG) confirms that all parties have agreed to further extend the existing Revolving Credit Facility (RCF) of $555 million under commercial terms until November 30th, 2010,' the company said.
'The extension is required to enable all those involved to seek an agreement on an extended long term facility,” it said.
The repayment was due on Tuesday. The lossmaking firm had extended repayment for two months earlier in July.-Reuters