Drake & Scull International Announces Final Debt Restructuring Plan
Drake & Scull International PJSC has released an update on its restructuring plan, detailing the final accepted commercial debts and payment plans.
Summary
Drake & Scull International PJSC has published the final list of accepted commercial debts as part of its restructuring plan. Creditors are to receive 10% of the accepted debt value, and the company urges them to contact via email for further details.
Drake & Scull International Announces Final Debt Restructuring Plan
On September 23, 2024, Drake & Scull International PJSC (DSI), a leading engineering and construction services company based in the United Arab Emirates, announced the final list of accepted commercial debts as part of its comprehensive restructuring plan. This significant development comes after the company had previously published a list of creditors on January 30, 2024, in Al Bayan and Gulf News newspapers.
In coordination with the Procedures Trustee and following court approval, DSI has now disclosed the amounts that must be paid to each creditor. The company has committed to settling these debts at a rate of 10% of the accepted debt value. This announcement was made in Al Bayan and Gulf Today newspapers, ensuring transparency and compliance with legal procedures.
DSI has called upon the creditors whose names appear in the published list to contact the company via email at Investor.Relation@drakescull.com for further details regarding the payment process. This move aims to streamline communication and ensure that all creditors are adequately informed about their settlements.
Drake & Scull International PJSC, incorporated in 2008 and listed on the Dubai Financial Market, has been a regional market leader in delivering world-class projects. The company specializes in integrated design, engineering, and construction disciplines across various sectors, including General Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Rail, Water and Wastewater Treatment, Waste to Energy, and Oil and Gas.
The restructuring plan is a critical step for DSI as it seeks to stabilize its financial position and restore stakeholder confidence. By addressing its commercial debts and ensuring partial repayment, the company demonstrates its commitment to financial responsibility and long-term sustainability.
For investors, this development presents a mixed outlook. On one hand, the company's proactive approach to debt management and restructuring could be seen as a positive signal of its dedication to overcoming financial challenges. On the other hand, the fact that only 10% of the accepted debt value is being paid might raise concerns about the company's overall financial health and its ability to generate sufficient cash flow in the future.
Given these factors, it is advisable for investors to adopt a cautious stance. Monitoring the company's future announcements and financial performance will be crucial in making informed investment decisions. At this juncture, holding the instrument appears to be the most prudent course of action as it allows investors to stay engaged while awaiting further developments.
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Summary
On September 23, 2024, Drake & Scull International PJSC announced the final list of accepted commercial debts and the amounts to be paid to each creditor. This follows a previous announcement on January 30, 2024, which listed creditors in Al Bayan and Gulf News newspapers. The current announcement, published in Al Bayan and Gulf Today newspapers, states that the debts are considered finally paid at a rate of 10% of the accepted debt value. Creditors listed in the announcement are requested to contact the company via email at Investor.Relation@drakescull.com.
