Dubai – Mubasher: Gulf General Investment Co. (GGICO) on Sunday announced the completion of an AED 2.1 billion ($584 million) debt restructuring scheme after obtaining agreement from the majority of its creditors.
This is “a win-win deal” for GGICO and its creditors, the Dubai-based investment firm’s chairman Abdalla Juma Al Sari said in a statement.
“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 highlighted.
GGICO’s top official thanked the company’s creditors, steering committee members and its chairman Bruno Navarro, along with GGICO’s financial advisor PricewaterhouseCoopers, legal counsel Al Tamimi and Co., creditors’ legal counsel Allen & Overy, added to security agent Deutsche Bank, and GGICO’s management for achieving this milestone, the statement indicated.
GGICO last reported losses of AED 37.09 million in the second quarter of 2017, versus AED 5.85 million in profits in the same period of 2016, while results for the first six months of 2017 showed AED 81.71 million in losses against profits of AED 14 million in H1-16.
