Creditors of Dubai's Drake & Scull set to vote on restructuring plan by end of April - Arabianbusiness
Drake & Scull International (DSI) has announced that creditors are set to vote on its restructuring plan by the end of April as the Dubai contracting major prepares to meet with them again on Monday.
The company initially presented its reorganisation plan - alongside experts Aaronite Partners - to creditors last week but will hold a second meeting on Monday, according to a filing to Dubai Financial Market.
DSI said creditors will be asked to vote on the plan "around the end of April".
In early February, the company said it had returned to full-year profitability in 2020.
The contracting firm said that it recorded a net profit of AED109 million compared to a net loss of AED87 million in 2019.
The company also announced a decrease in accumulated losses from AED5 billion dirhams to AED4.8 billion as of the end of December 2020.
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