Dubai's Arabtec hires Moelis for debt restructuring: sources | Reuters

Dubai's Arabtec hires Moelis for debt restructuring: sources | Reuters:

Dubai’s Arabtec Holding ARTC.DU has hired New York-based investment bank Moelis & Co (MC.N) to work on a new debt-restructuring plan for the construction company, three sources told Reuters.

The move comes little more than a year after Arabtec raised 1.5 billion dirhams ($408.4 million) in a rights issue to wipe out accumulated losses and separately asked banks to waive terms on its debt (reut.rs/2PBhYdS).

The Gulf construction sector has slumped since a collapse in oil prices four years ago forced governments to rein in spending, leading to a debt crunch at some companies that operate across the Middle East.