Dubai – Mubasher: Gulf General Investment Co. (GGICO) has agreement from nearly half of its creditors on a AED 2.1 billion ($572 million) debt restructuring, sources close to the matter told Reuters.
The deal is set to achieve the target of 75% creditor support by the end of the month, sources said.
The terms push back the company’s debt repayment to 2024.
The number of lenders signalling their support for the deal is growing daily, one of the sources said.
Commercial Bank of Dubai (CBD) is the only bank so far to indicate that it would not support the agreement.
