Zabeel Investments is seeking to restructure $1.63 billion in debt, The National reports. The holding company of Dubai’s crown prince, Sheikh Hamdan bin Mohammed, is in talks with creditors to extend debt maturities, asset sales and a potential investment of capital.
Emirates, Union National Bank and Commercial Bank of Dubai are among the local creditors to the firm, while HSBC is the sole international bank involved in talks. As a private company, Zabeel is not entitled to government aid through the Dubai Financial Support Fund.
Click here for the story from The National.