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Dubai Group creditors to own equity stake post-$10 billion deal

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(Globalpost/GlobalPost)

DUBAI (Reuters) - Dubai Group will be spun off as an independent company with creditors owning an equity stake after its planned $10 billion debt restructuring, the chief executive of parent Dubai Holding said in an interview on Thursday.

Dubai Group, a unit of Dubai Holding, the investment arm of the emirate's ruler Sheikh Mohammed bin Rashid al-Maktoum, expects to sign an agreement with its creditors on the debt restructuring in six weeks, Ahmad Bin Byat said.

After the restructuring, Dubai Group's board will include representatives from creditor banks and shareholders, as well as independent members, he said.

(Reporting by Mirna Sleiman; Writing by Dinesh Nair; Editing by Andrew Torchia)

http://www.globalpost.com/dispatch/news/thomson-reuters/130509/exclusive-dubai-group-aims-close-10-billion-debt-deal-june-6-so