Sep 08 2010 |
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Dubai Holding unit defers repayment
DUBAI -- Dubai Holding 's main unit said on Tuesday it will delay the repayment of its $555 million loan until November 30.The Dubai Holding Commercial Operations Group , or DHCOG -- the real estate and hospitality arm of Dubai Holding -- was due to repay the amount yesterday.
" Dubai Holding Commercial Operations Group ... 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 in a statement. "The extension is required to enable all those involved to seek an agreement on an extended long term facility."
The facility is part of a $1 billion RCF for the Dubai Holding unit, provided by BNP Paribas, Citi RBS and Standard Chartered. The company had extended the same facility in July by two months. Analysts had expected this move.
DHCOG declared a full-year loss of Dh22.8 billion in June, compared with a year-earlier profit of Dh10 billion after property prices plunged in the trade and tourism hub of the Gulf region.
By Abdul Basit
© Khaleej Times 2010
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