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01/10/2017 07:34 AST
Dubai-based Gulf General Investment Company (GGICO) said it has completed a Dh2.1-billion ($584 million) debt restructuring after reaching an agreement with majority of its creditors.
Established in 1973, GGICO is a conglomerate listed publicly in the Dubai Financial Market, with widely diversified activities in real estate, retail, hospitality, financial services, manufacturing and services.
Chairman Abdalla Juma Al Sari said this was a win-win deal both for GGICO and the creditors.
"Driven by market conditions, we have obtained enough time until 2023 to dispose of our non-core assets in an organized and structured manner and to retire the debts. Subsequently, the company will focus on its core assets with very low leverage," he noted.
Al Sari thanked all the creditors, steering committee members and its chairman Bruno Navarro besides the financial advisor PricewaterhouseCoopers, Legal Counsel M/s. Al Tamimi and Company, Legal Counsel of the creditors M/s. Allen & Overy, the security agent Deutsche Bank and the company Management for achieving this milestone.
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Dubai-based Gulf General Investment Co. PSC (GGICO) announced that it has completed a Dh2.1 billion ($584 million) debt restructuring after obtaining agreement from the majority of its creditors.
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