Dubai Group's $10bn debt restructuring in 6 weeks: Bin Byat

Dubai Group will become an independent company after its planned $10 billion debt restructuring, a top official said.

The company, a unit of Dubai Holding, expects to sign an agreement with its creditors on the restructuring in six weeks, said Ahmad Bin Byat, chief executive of Dubai Holding.

"We expect the deal to be signed within six weeks. The term sheet is now approved by the core creditors committee and is being circulated to the credit committee," Bin Byat told Reuters on Thursday.

After the restructuring, Dubai Group's board will include representatives from creditor banks and shareholders, as well as independent members, Bin Byat said.

The proposal includes asset sales, though Dubai Group does not expect to dispose of any of its major assets this year, he said. Assets include a 14.7 percent stake in Oman's top lender, Bank Muscat, and 18 percent of Egypt's EFG Hermes. Dubai Group also owns part of Borse Dubai, which holds 20.6 percent of the London Stock Exchange.

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