(MENAFN - Khaleej Times) Dubai Holding, the global investment holding company, confirmed on Thursday that its financial services arm, Dubai Group, has reached final agreement with all financial lenders regarding the restructuring of approximately 6 billion of bank facilities. Another 4 billion of related party debt has been subordinated to the claims of the bank creditors.
As per the agreement, lenders agreed to extend maturity dates to December 31, 2016 for secured facilities and to December 31, 2024 for partially secured and unsecured facilities.
Ahmad bin Byat, Chief Executive Officer, Dubai Holding, said: "We have successfully completed the financial restructuring of Dubai Group. This was a complex set of negotiations given the number of lenders involved and I would like to thank all stakeholders for their cooperation."
Dubai Holding also announced the appointment of a new Board of Directors for Dubai Group post restructuring.
Fadel Al Ali, who was Dubai Group's CEO over the last few years, has been appointed chairman.
Aidan Birkett, Michael McLoughlin and Abdullah Sharafi have been appointed as independent non-executive directors.
Dubai Holding also confirmed that Ahmed Al Qassim was appointed as the chief executive officer of Dubai Group and Board member.