Dubai Holding agrees $555m refinancing deal

Conglomerate Dubai Holding's main unit has reached a deal with lenders to convert a $555 million revolving credit facility into a five-year term loan, the company said in a statement late on Thursday.

Dubai Holding's loss-making hospitality and property arm, Dubai Holding Commercial Operations Group (DHCOG), had extended for a third time the loan due November 30, to December 30.

It stalled on repayment in July and September, reinforcing doubts over Dubai's ability to resolve its debt troubles.

"Dubai Holding Commercial Operations Group (DHCOG) LLC, along with Citibank, Royal Bank of Scotland and Standard Chartered Bank are pleased to announce that a consensual agreement has been reached," the statement said.