Creditors agree to delay Dubai’s GGICO debts

03 Jul 2012

(MENAFN) Debt-burdened Gulf General Investments Company (GGICO) said that 25 of its creditors agreed on a restructuring plan to extend debt maturities, Reuters reported.

The Dubai-based company has investments in manufacturing, industrials and retail under its umbrella.

GGICO started to resolve its debt burden early last year, as part of a wider review of its business model.

GGICO said it agreed with the creditors to delay its debt repayments for seven years through new amortizing facilities.

The firm had USD213.1 million of pending loans in its first quarter results, which it requested to be pushed out.

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