No need for bailout for Dubai company
By Barbara Surk |
May 31, 2010, Monday
|
Print Edition
Print Edition
DUBAI will ride out its latest financial troubles without a federal bailout for another major investment company seeking postponement of debt repayments, the Emirates' finance chief said over the weekend after the request raised new concerns about the city-state's credit woes.
Dubai International Capital, an investment company controlled by Dubai's ruler, asked lenders for a three-month extension on repaying some of its debt. DIC did not provide details of the debt involved except to say the request involves "certain maturities."
The company has a US$1.25 billion loan coming due in June.
Sultan bin Saeed al-Mansoori, the Emirates' finance minister, said the Abu Dhabi-based federal authorities were not "interfering" in DIC's woes and predicted the company will not need major restructuring or a bailout to overcome its financial problems.
Federal aid and a significant makeover were required for Dubai World after the city-state's main investment engine shook financial markets last year when it couldn't meet its substantial debt payments.
"I don't expect a massive restructuring (of DIC)," al-Mansoori told a news conference, adding that there was "no need to overreact" to the firm's request last Thursday to postpone some of its debt payments until September 30.
"I do believe they will be able to meet requirements," al-Mansoori said.
Dubai International Capital, an investment company controlled by Dubai's ruler, asked lenders for a three-month extension on repaying some of its debt. DIC did not provide details of the debt involved except to say the request involves "certain maturities."
The company has a US$1.25 billion loan coming due in June.
Sultan bin Saeed al-Mansoori, the Emirates' finance minister, said the Abu Dhabi-based federal authorities were not "interfering" in DIC's woes and predicted the company will not need major restructuring or a bailout to overcome its financial problems.
Federal aid and a significant makeover were required for Dubai World after the city-state's main investment engine shook financial markets last year when it couldn't meet its substantial debt payments.
"I don't expect a massive restructuring (of DIC)," al-Mansoori told a news conference, adding that there was "no need to overreact" to the firm's request last Thursday to postpone some of its debt payments until September 30.
"I do believe they will be able to meet requirements," al-Mansoori said.
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