Gulf General Investment Company in talks to restructure debt | ZAWYA MENA Edition:
"Gulf General Investment Company (GGICO) is in talks with lenders to restructure loan and credit facilities after defaulting on a payment linked to 2.15 billion dirhams ($585.5 million) of debt at the end of last year, the Sharjah-based firm said on Sunday.
The company, which has investments spanning financial services, property, hospitality, manufacturing and retailing, previously restructured its debt in September 2017 and before that in July 2012.
It said in December 2017 it defaulted on a principal payment of 24.4 million dirhams related to the restructured debt. Despite the default, GGICO said that as banks had not served a notice as required by the agreement, it believed the bank facility would continue as per the restructured agreement."
'via Blog this'
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