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Thursday, 22 September 2016

UAE's Pacific Controls $381 mln debt plan due by end-October -sources | Reuters

UAE's Pacific Controls $381 mln debt plan due by end-October -sources | Reuters:

"Pacific Controls, a Dubai-based technology company, will submit a proposal to creditor banks on how to restructure its 1.4 billion dirhams ($381 million) of debt by the end of October, sources told Reuters on Thursday.

The company began talks with banks during the summer after hitting problems with its repayments, partly due to delays in payment from some clients as the United Arab Emirates' economy has stumbled over falling oil prices.

Recently appointed chief executive Sanjay Nayak has held talks with the company's clients to get assurances on continuation of payments and contracts, according to two banking sources who spoke on condition of anonymity."



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