Dubai-based engineering and construction firm Drake & Scull International (DSI), which endured several years of losses, announced on Monday the completion of its financial restructuring plan after reaching settlements with multiple lenders.
The company also said it is now looking to return to growth in the coming years and resume trading on the Dubai Financial Market (DFM), where its shares are listed.
“The company’s management has been notified by the Financial Reorganisation Committee (FRC) that the restructuring is officially completed,” DSI said in a statement to DFM, adding that it was able to reach settlements with “a number of creditors”.
“[The company] thereby achieved the required voting percentage for a consensual agreement, which exceeded two-thirds of the creditors’ claims in terms of the value of the indebtedness,” DSI said.
DSI had previously agreed “in principle” with “a group of the largest lenders” to restructure its debt. In July, the company said it was preparing to circulate numerous legal documents to 600-plus creditors to finalise the restructuring plan.
A percentage of votes from creditors, representing two-thirds of the claims, was required for DSI to reach a consensual agreement.
“[With the agreement reached,] we look forward to the decision of the Dubai Courts in regards to the submitted application and anticipated completion of the restructuring process,” said Shafiq Abdelhamid, Chairman of DSI.
The company also said it is now looking to return to growth in the coming years and resume trading on the Dubai Financial Market (DFM), where its shares are listed.
“The company’s management has been notified by the Financial Reorganisation Committee (FRC) that the restructuring is officially completed,” DSI said in a statement to DFM, adding that it was able to reach settlements with “a number of creditors”.
“[The company] thereby achieved the required voting percentage for a consensual agreement, which exceeded two-thirds of the creditors’ claims in terms of the value of the indebtedness,” DSI said.
DSI had previously agreed “in principle” with “a group of the largest lenders” to restructure its debt. In July, the company said it was preparing to circulate numerous legal documents to 600-plus creditors to finalise the restructuring plan.
A percentage of votes from creditors, representing two-thirds of the claims, was required for DSI to reach a consensual agreement.
“[With the agreement reached,] we look forward to the decision of the Dubai Courts in regards to the submitted application and anticipated completion of the restructuring process,” said Shafiq Abdelhamid, Chairman of DSI.
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