The UAE company, Drake & Scull, which is listed on the Dubai Financial Market, said it is in the process of completing the company's restructuring process.
The company, with the support of a financial expert approved by the Financial Reorganization Committee, was able to reach settlements with a number of creditors.
It clarified that these settlements are in the ratio of achieving the consensual agreement between the company and its creditors and reaching the required voting percentage, which exceeded two-thirds of the creditors' claims in terms of the value of the indebtedness.
The company also confirmed its keenness to re-trade the stock in the Dubai market after completing the restructuring process and then obtaining the necessary regulatory approvals.
The company's profits fell 76% last year, to reach 23.1 million dirhams, compared to profits of 94.9 million dirhams in 2020.
