Gulf General Investment Co, a Dubai-based investment company, defaulted on Dh489.2 million in repayments of bank loans as of March 31 amid debt restructuring.
The loan agreement "stipulates repayment of whole remaining balance of the facilities become immediately payable to the banks", the company said in its audited financial statement posted on the Dubai bourse website.
"The non-current portion of the defaulted loans as of March 31 amounting to Dh685.9 million was reclassified in the condensed consolidated financial statements as current liabilities."
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