Dubai investment company GGICO restructuring $643 mln of debt | Reuters:
"Gulf General Investment Company (GGICO) is in talks with banks to restructure loan facilities worth a combined 2.36 billion dirhams ($643 million), the Dubai-based company said in its financial statement on Monday.
It is the second time in recent years that the company, which has investments spanning financial services, property, hospitality, manufacturing and retailing, has been forced to renegotiate its financial commitments. It completed a 2.8 billion dirham restructuring in 2012.
The news confirms a Sept. 29 Reuters story in which banking sources said that the Sharjah-based company was seeking to restructure part of its debt after struggling since the start of the year with the subdued local economic conditions."
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