DUBAI, UAE: Drake & Scull International PJSC (DSI) introduced that the company’s administration has been notified by the Financial Reorganization Committee (“FRC”) that the restructuring plan is formally completed.
With the support of the FRC appointed expert, the Company was able to attain settlements with a variety of creditors, and thereby achieved the required voting percentage for a consensual agreement, which exceeded two-thirds of the creditors’ claims in phrases of the worth of the indebtedness.
The Company additionally stated that as per the procedures and settlements it reached with its creditors, along with the adoption of the monetary restructuring plan that was initially approved by a quantity of of the main lending banks, the monetary reorganization procedures have reached their final stage and are in accordance with the objectives stipulated in FRC’s decision on May 17, 2020, regarding the acceptance of the Company’s request submitted to the FRC for the monetary restructuring of the Company’s debts.
It is worth mentioning that the Company had beforehand disclosed the submitting of a proper application in Dubai Courts within the third quarter of 2021, requesting the Company to be topic to restructuring procedures in accordance with the emergency provisions of the UAE Bankruptcy Law.
Commenting on the announcement, Eng. Shafiq Abdelhamid, Chairman of DSI, said, “We would like to take this chance to increase our thanks and gratitude to His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance for his wise guidance and fixed encouragement to native institutions, along with the various initiatives introduced throughout the previous few months by the Supreme Committee for the Development of Financial Sector in Dubai, which goals to solidify Dubai’s place as a vital monetary hub at each regional and global levels.
We additionally want to increase our deepest thanks to the (FRC) Chairman H.E. Younis Haji Al Khoori, the Chairman of the FRC Technical Committee, H.E. Dr. Maryam Buti Al Suwaidi the esteemed Committee Members for his or her continued support and guidance over the previous 2 years.
We additionally thank the FRC appointed expert, monetary advisors, and authorized consultants for all their tremendous efforts. Lastly, we extend our sincerest appreciation to all our shareholders for his or her patience and steady support, and we’re hopeful that Drake & Scull will return to the trail of growth and prosperity within the approaching years. We look ahead to the choice of the Dubai Courts regarding the submitted application and anticipated completion of the restructuring process”.
The firm confirmed that it will make each effort for its inventory to renew being traded on the Dubai Financial Market after the completion of the restructuring plan, adopted by acquiring the necessary approvals. Any developments regarding the resumption of buying and selling will be introduced through the official channels promptly.
Drake & Scull International PJSC (DSI) is a regional market chief of world-class built-in design, engineering and construction projects. DSI‘s main enterprise streams include engineering (MEP), construction, oil & gas and water & wastewater. The firm operates throughout the GCC and the remainder of the Middle East as well as to Europe. DSI has accomplished greater than 700 projects throughout the world in aviation, residential and mixed-use actual estate, energy plant, cooling plant, hospitality, healthcare, renewable energy, data center, petrochemical, rail, commercial, government, leisure and infrastructure sectors.