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CORRECTED-(OFFICIAL)-Dubai Group sees $10 bln restructuring in six weeks -executive
May 9, 2013 / 5:36 AM / in 5 years

CORRECTED-(OFFICIAL)-Dubai Group sees $10 bln restructuring in six weeks -executive

(Removes reference to creditors taking equity stake after company corrects earlier statement, and says creditors will not receive any equity)

DUBAI, May 9 (Reuters) - Dubai Group will become an independent company 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)

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