Sunday, Jan 31, 2010
DUBAI (Zawya Dow Jones)--Dubai's Union Properties has agreed with creditors to reschedule AED5.5 billion of debt maturing in the coming few years, Al Ittihad newspaper reported Sunday.
The paper quoted the company's chairman Khaled Bin Kalban as saying that lenders also agreed to provide the company with extra funds to finance the completion of its projects.
Union Properties didn't cancel any of its projects and plans to complete its projects in three phases by the end of 2011, he told the paper.
Union Properties couldn't be immediatly reached for comment.
Newspaper Web site: http://www.alittihad.ae/
-Dubai Bureau, Dow Jones Newswires; +9714 4461698; djnews.dubai@dowjones.com
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(END) Dow Jones Newswires
31-01-10 0555GMT
