Dubai’s Meydan to hold talks on $2.6bln debt restructure plan

PwC has been appointed to work on a proposal

Dubai skyline. Image used for illustrative purpose.

Dubai skyline. Image used for illustrative purpose.

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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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