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Tuesday, 25 October 2016

UAE's Pacific Controls in talks to sell data centre to Etisalat -sources | Reuters

UAE's Pacific Controls in talks to sell data centre to Etisalat -sources | Reuters:

"Dubai technology company Pacific Controls, which is seeking one of the biggest debt restructuring deals in the Gulf since the economic slowdown, is in talks to sell its data centre in the emirate to telecoms company Etisalat , four sources said.

Pacific Controls, which needs to raise cash in its effort to restructure 1.4 billion dirhams ($381 million) in debt, is also facing legal action from Emirates NBD, one of its creditors, concerning non-payment of some of its debt, said two of the sources familiar with the situation.

The legal action is complicating efforts to seal a conciliatory agreement with creditors in the absence of a modern bankruptcy law, the sources said."



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