A coordinating committee of banks has been formed to negotiate the investment company’s debt repayment.
Dubai Holding’s investment conglomerate, Dubai Group has said it is initiating talks with creditors after it missed an interest payment last month on a $33m loan, maturing on December 13, 2011.The fund was used for Dubai Group’s acquisition of a 49 per cent stake in Bank Islam Malaysia. Dubai Group has said in a statement, “These discussions are making good progress and Dubai Group is confident of a positive outcome that is beneficial to all stakeholders. In the meantime, Dubai Group continues to service its debts.”
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