Tabreed set to reach key revamp deal

18/01/2011 00:00 AST

Cooling services company Tabreed may reach agreement with creditors to restructure around five billion dirhams ($1.36 million) in debt within weeks, it was reported yesterday.

Tabreed's bank debt as well as 1.3bn dirhams owed to its largest shareholder, state fund Mubadala, would be rescheduled into two new loans, The National newspaper reported.

The plan would not reduce the amount Tabreed owes but would give the company more time to pay, according to the paper which cited sources familiar with the matter.

Banks have been asked to approve the restructuring plan, which could come in two to three weeks.

"Tabreed does not comment on negotiations that are currently ongoing," a company spokesman said.

Tabreed is restructuring 2.6bn dirhams of bank debt as well as two Islamic bonds, worth 1.7bn dirhams and 735m dirhams respectively, the spokesman said.

Last May, shareholders approved a recapitalisation plan to restructure the debt and raise up to 4.2bn dirhams in fresh capital.

Tabreed, also known as the National Cooling Company, is among a number of Gulf companies restructuring debt after an economic boom came to an abrupt end and caused a property market crash.


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