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DIC seeks extension on $1.25bn loan due

29 May 2010

Dubai International Capital (DIC), a unit of Dubai Holding with $1.9bn in outstanding loans, has sought a three-month extension on some of its loan payments, Bloomberg has reported. DIC and a coordinating committee of banks requested an extension to a $1.25bn loan due in June to September 30 to "allow the implementation of a consensual longer term plan that would enable DIC to maximize the value of its business for the benefit of all its stakeholders," the firm said in an emailed statement.

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