Dubai-based contractor Drake & Scull International (DSI) intends to write off 90 per cent of its debts and convert the remaining 10 per cent into mandatory convertible sukuk as part of a restructuring plan that has been approved by its creditors and shareholders.
The company obtained approval from creditors who account for 67 per cent of the company's total debt value, exceeding the threshold needed for the restructuring plan under the UAE's Bankruptcy Law, DSI said in a statement on Tuesday to the Dubai Financial Market.
The plan is awaiting final approval in court.
“The company submitted a request to the competent court to approve the restructuring plan in accordance with the emergency financial crisis and to approve the procedures that has been submitted to the Financial Reorganisation Committee (FRC),” it said.
The court appointed an expert to confirm the extent of the capability of restructuring and the reasons behind the company's suspension of payments.
“The expert indicated that the company has the ability to resume its activities after completing the procedures, reasoning the current situation in light of the emergency financial crisis,” DSI said.
The public prosecution has accepted the request to open bankruptcy procedures for the company and agreed to proceed with the financial restructuring plan, it said.
The Cassation Court will give its final judgment on the matter on June 27, it added.
DSI's accumulated losses as of the end of December 2022 increased to Dh5.098 billion ($1.38 billion), compared with Dh4.874 billion a year ago, it said this month.
Revenue last year reached Dh81 million, down from Dh150 million in 2021.
Its order backlog stands at Dh454 million, driven by continuing operations in the UAE and overseas, it said.
“Once the procedures for the application submitted to the court are completed, the rest of the procedures agreed upon in the plan will be completed, including raising the company's capital and submitting a request to return the company's shares to trade in the Dubai Financial Market,” Shafiq Abdelhamid, chairman of DSI, said while announcing its results.
The company said in March last year that the FRC had confirmed the completion of its restructuring plan after DSI achieved the required voting percentage from its 600-plus creditors for a consensual agreement.
The financial restructuring is the second that DSI has undergone.
In 2017, a capital restructuring took place that resulted in Dh1.7 billion worth of shares being cancelled to expunge historic losses, with private equity firm Tabarak Investment committing Dh500 million for a stake in the company.
In the third quarter of 2021, DSI also filed a formal application with Dubai Courts, requesting the company to be subject to restructuring procedures in accordance with the emergency provisions of UAE Bankruptcy Law.
DSI has also accused its previous management of falsely inflating asset prices ahead of the company's initial public offering. DSI filed a case in Dubai Courts to reclaim Dh830 million from them.
The case is continuing and DSI said on Tuesday that it will “announce any developments in a timely manner”.
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A Cat, A Man, and Two Women
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Engine: 3.8-litre, twin-turbo V8
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UAE currency: the story behind the money in your pockets
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School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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- 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
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- 600-seat auditorium
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- Specialist robotics and science laboratories
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The specs
Engine: 4.0-litre flat-six
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Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Global state-owned investor ranking by size
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China
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Japan
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Norway
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Canada
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More from Armen Sarkissian
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
FIXTURES
All games 6pm UAE on Sunday:
Arsenal v Watford
Burnley v Brighton
Chelsea v Wolves
Crystal Palace v Tottenham
Everton v Bournemouth
Leicester v Man United
Man City v Norwich
Newcastle v Liverpool
Southampton v Sheffield United
West Ham v Aston Villa
