Dubai-based Gulf General Investments Co (GGICO) GGIC.DU reached a restructuring deal with 25 of its creditors to extend debt maturities, the company said on Tuesday, bringing an 18-month process to a conclusion.
The firm, which has investments in manufacturing, industrials and retail under its umbrella, has delayed its debt repayments for seven years through new amortizing facilities, it said in a filing to the Dubai bourse.
The total figure of debt extended was not disclosed in the statement, although its first-quarter results said GGICO had 782.7 million dirhams ($213.1 million) of pending loans which the company had requested to be pushed out.
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