UAE-Arabtec denies appointing a debt restructuring consultant

UAE-Arabtec denies appointing a debt restructuring consultant
UAE-Arabtec denies appointing a debt restructuring consultant
Source: (MENAFN – Al-Bayan)
  • Electronic statement

Date: September 28, 2020 Arabtec Holding Company said that the group has not appointed any consultants to restructure the debts.

The company stated in a statement to the Financial Market, today, Monday, that it is working with a group of consulting companies, including Alex Partners, to develop solutions and recommendations to be presented to shareholders at the next general assembly meeting, scheduled for September 30, 2020, for discussion and approval.

This came in response to what was published in the media about the appointment of “Arabtec” to Alex Partners as a consultant to restructure its debts.

In its statement, the company affirmed keenness to adhere to the legislative texts related to disclosure and transparency.

Last August, the company revealed that it is negotiating with a consulting firm, and will soon be tasked with assisting executive management in the restructuring of capital and debt.

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