RIYADH: Dubai developer Meydan will meet its creditors next week to discuss a $2.6 billion debt restructuring plan, Bloomberg reported citing people familiar with the matter.
PricewaterhouseCoopers (PwC) has been working with the company to put together a proposal, the people said, asking not to be identified for information confidentiality.
Meydan’s total debt amounts to about $4 billion, of which $2.6 billion needs to be restructured, the people said.
Under the plan, the company will ask creditors to extend repayments on that amount for an expected period of 8 to 10 years, they said.
The company also intends to sell assets to raise fresh funds, they added.
Spokespeople for PwC and Meydan declined to comment.
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