Dubai-based contractor Drake & Scull International has “officially completed” its restructuring plan after reaching settlements with a “number of creditors".
The company's management has been notified by the Financial Reorganisation Committee (FRC) that the restructuring plan is complete after DSI achieved the required voting percentage from its 600-plus creditors for a consensual agreement.
The voting percentage exceeded two thirds of creditors’ claims in terms of the value of the indebtedness, the company said on Monday in a statement to the Dubai Financial Market (DFM).
“We are hopeful that Drake & Scull will return to the path of growth and prosperity in the coming years,” DSI chairman Shafiq Abdelhamid said.
The financial restructuring is the second that DSI has undergone in the past four years.
In 2017, a capital restructuring took place that resulted in Dh1.7 billion ($462 million) worth of shares being cancelled to expunge historic losses, with private equity firm Tabarak Investment committing Dh500m for a strategic stake in the company.
In the third quarter of 2021, DSI also filed a formal application with Dubai Courts, requesting that the company to be subject to restructuring procedures in accordance with the emergency provisions of UAE Bankruptcy Law.
“We look forward to the decision of the Dubai Courts in regards to the submitted application and anticipated completion of the restructuring process,” said Mr Abdelhamid.
As per the procedures and settlements DSI has reached with its creditors, along with the adoption of the financial restructuring plan that was initially approved by several of the major lending banks, the financial reorganisation procedures have reached their final stage, the company said.
The procedures are in “accordance with the objectives stipulated in [the] FRC’s decision on May 17, 2020, regarding the acceptance of the company’s request … for the financial restructuring of its debts”, it said.
DSI reported a sharp drop in is 2021 net profit, which stood at Dh23m, down from Dh94.8m in 2020.
The company said it “will make every effort for its stock to resume being traded on the DFM after the completion of the restructuring plan”, followed by the obtaining of the necessary approvals.
“Any developments regarding the resumption of trading will be announced through the official channels,” it said.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
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- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
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Uefa Nations League Group B:
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UAE |
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A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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