March 26, 2018 / 5:27 AM / a year ago

UAE's DXB Entertainments to restructure 4.2 bln dirhams with creditors

DUBAI, March 26 (Reuters) - DXB Entertainments has reached a deal with creditors to restructure 4.2 billion dirhams ($1.14 billion) in debt, the Dubai-based leisure and entertainment operator said on Monday.

The deal includes a three-year moratorium on principal repayments and covenant testing as well as a revised repayment schedule, the company said in an emailed statement. DXB Entertainments will continue paying interest on the debt as per the original agreement.

It also said it had reached a deal with its majority shareholder Meraas involving Meraas providing the company with total financing of 1.2 billion dirhams in the form of a convertible instrument, subject to shareholder and regulatory approval.

$1 = 3.6726 UAE dirham Reporting By Tom Arnold, editing by Hadeel Al Sayegh

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