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Dubai confirms final deal on $10 bln debt restructuring

Thursday, 23 Jan 2014 | 1:15 PM ET

DUBAI, Jan 23 (Reuters) - Financial services conglomerate Dubai Group has reached a final deal with creditors on restructuring $10 billion of debt, resolving the last major hangover from the emirate's financial crisis, its parent company confirmed on Thursday.

Lenders agreed to restructure about $6 billion of bank facilities while a further $4 billion of debt was subordinated to the claims of bank creditors, Dubai Holding, the investment vehicle of Dubai's ruler, said in a statement.

The statement confirmed a Jan. 16 Reuters report, which quoted banking sources as saying the deal had been done.