Dubai International Capital’s main creditors have agreed to new terms on loans as the investment company seeks to restructure $2.6bn of debt, it has been reported.
After negotiations over the terms of the debt structures, seven of DIC’s lenders have agreed to an offer of two percent interest and repayment over six years on a $1.25bn loan that was due in June, Bloomberg said, quoting an unnamed source.
DIC had originally extended the loan to September 30 before asking for another extension to November 30.
Declining to be identified, two sources told Bloomberg that David Smoot, the chief investment officer of DIC, will replace Anand Krishnan as CEO. The move was termed as being part of the firm’s restructuring.
A spokesman for DIC declined to comment further when contacted on Thursday.
In October, the investment company said it would not sell any European assets before the end of 2011, despite undergoing debt restructuring, as it was waiting for their value to rise.
Smoot said then he believed the firm would return to growth in 2011.
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