Business News
Dubai Holding delays repayment on 555 million dollar loan - again
Sep 7, 2010, 11:09 GMT
Dubai - Dubai Holding said Tuesday it would again defer payment on a 555 million dollar loan until the end of November.
The company is one of three main state-owned enterprises facing huge debt burdens. The others are Dubai World and Investment Corporation of Dubai.
'The extension is required to enable all those involved to seek an agreement on an extended long term facility,' the company said in a statement on the day the loan was due.
Dubai Holding said that 'all parties have agreed to further extend' the credit facility, after having delayed payment once already in July.
The company is one of three main state-owned enterprises facing huge debt burdens. The others are Dubai World and Investment Corporation of Dubai.
Last year, the city-state wrecked havoc on Gulf markets when it announced a standstill on repaying some 26 billion dollars in debt owed by Dubai World and has since been trying to restructure.
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