Tabreed, a district cooling company based in Abu Dhabi, is nearing an agreement with creditors on a restructuring plan worth more than Dh5 billion (US$1.36bn).
Sources say Tabreed, which was unable to keep up debt payments last year after the property market declined and developers scaled back, is just weeks away from a possible restructuring pact.
The company spent billions of dollars building cooling plants, but amid the downturn, revenue from many of its projects did not materialise as expected. Tabreed lost about Dh1.2bn in 2009 as the result of a fourth-quarter write-down before returning to profitability last year.
No comments:
Post a Comment