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Wednesday, 27 July 2016

UAE's Pacific Controls in bank talks about 1.4 bln dirhams debt | Reuters

UAE's Pacific Controls in bank talks about 1.4 bln dirhams debt | Reuters:

"Pacific Controls, a Dubai-based technology company, is in talks with banks about restructuring debts of 1.4 billion dirhams ($381 million), sources told Reuters, one of the largest firms to have to do so since the emirate's economy began to slow.

It is also set to be the highest-profile example to date of a company receiving assistance from a special mechanism set up by the United Arab Emirates' banking federation to help firms struggling to repay debt owed to more than one lender, the sources said.

Many businesses have found it hard to repay hefty debts after a cooling economy hit their balance sheets, although so far this has mostly been among small and medium sized enterprises and companies with debt issues lingering from the emirate's 2009-10 financial crisis."



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