Dubai builder Arabtec asks banks to waive debt terms -sources | Reuters:
"Dubai-listed Arabtec Holding , which reported accumulated losses of 4.6 billion dirhams ($1.25 billion) last year, is asking banks to waive terms on its debt, two banking sources with direct knowledge of the matter told Reuters. The building company has been in talks with its main creditors over the past month to waive the right for banks to call in facilities extended to the business, said the sources, who declined to be identified because the matter had not been made public. The waiver request comes as Arabtec seeks to ensure that the proceeds of a planned 1.5 billion dirham ($408.4 million) rights issue will go to the company rather than be used to settle its liabilities, one of the sources said, adding that Arabtec will no longer be in breach of debt covenants after the rights issue."
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