Maidan Real Estate Development Company intends to meet with her creditors next week to discuss a $ 2.6 billion debt restructuring plan aimed at giving financial space for breathing.
According to Arab Net, sources said he refused to disclose themselves. PricewaterhouseCoopers was working with the company to put a proposal to be presented at a meeting with bank creditors.
Total debt is about $ 4 billion, of which $ 2.6 billion requires restructuring. Under the plan, the company will require creditors to extend payments for this amount for a period that is reported by 8 to 10 years, according to the sources I spoke to Bloomberg.
Official speakers have rejected BC and Square Surveying.
The field of one of the most luxurious horse races in the world has been affected by the Corona virus impact on the tourism and travel industry in Dubai and the world.
Property and Hospitality
This comes, while the debt is mostly associated with building a giant mall project is still incomplete. Although its real estate and hospitality work has suffered during a health emergency, the company's problems have appeared for years when they were not able to pay for contractors, prompting Dubai in 2019 to establish a separate court to consider all cases vicious against the developer. p>
Most of the domestic dynamics are domestic in the UAE, but also a small number of foreign lenders such as Standard Chartered PLC, the sources said. The sources revealed creditors to appoint a financial advisor.
The proposal of Brais Waterhouse Cobres is so-called amendment and extension, where creditors are asked to postpone the deadlines to pay the loan. The restructuring of the field is supervised by the management of Nakheel.
