Dubai's Drake & Scull names date for creditor meeting as profits return - Arabianbusiness
Drake & Scull International (DSI) said on Tuesday its restructuring process has reached its final stages as it announced a return to full-year profitability in 2020.
The contracting major said in a statement that it recorded a net profit of AED109 million compared to a net loss of AED87 million in 2019.
It added that the expert appointed by the Financial Reorganisation Committee has published invitations to creditors to attend meetings on February 25.
The company also announced a decrease in accumulated losses from AED5 billion dirhams to AED4.8 billion as of the end of December 2020.
Last year, an application by DSI to have its financial reorganisation process conducted under the supervision of the Financial Reorganisation Committee was approved and in May Aaronite Partners was approved as experts to take this forward.
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