DUBAI, April 5 (Reuters) - Dubai Holding [DUBAH.UL], the investment conglomerate owned by the emirate’s ruler, on Thursday said its private equity arm reached an agreement with creditors on $2.5 billion of debt.
Dubai International Capital (DIC), which has stakes in Travelodge and Germany’s Almatis, will extend $2.15 billion of outstanding liabilities by five years and pay a coupon of 2 percent on the amount as part of the agreement with creditors, Dubai Holding said in a statement.
The remaining $350 million of the facility will be extended for three years at unchanged interest.
DIC also formed a new board for the company, naming Fadel al-Ali, a senior executive at Dubai Holding as the new chairman. David Smoot, DIC’s current chief executive has also been appointed to the board, the company said.
((Reporting by Dinesh Nair; Editing by Praveen Menon)), +971 4 391 8301, email@example.com))
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