Dubai International Capital, which asked its lenders for an extension on some of its debts, has the support of main creditors on the delay request. The main creditors of DIC support the company’s debt delay request, a source familiar with the matter told Reuters.
The DIC investment unit has a $1.25 billion loan maturing in June, according to Reuters data and the DIC has $2.6 billion in debt overall, according to a source familiar with the matter. “We will probably see more restructuring of Dubai entities, but on a smaller scale than Dubai World and I don’t think this announcement will be a catalyst for a new market crash, ASAS Capital CIO Robert McKinnon said.
DIC' parent, Dubai Holding, is thought to have around $15 billion in debt, according to analysts. Earlier in May, Dubai World reached an agreement with a group of creditors to restructure $23.5 billion of liabilities.
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