Sunday 04, November 2018 by Kudakwashe

Arabtec hires Moelis for debt restructuring

 

The move comes a year after Arabtec raised AED 1.5 billion ($408.4 million) in a rights issue to wipe out accumulated losses.

Arabtec Holding has hired New York-based investment bank Moelis to work on a new debt-restructuring plan for the construction company.

The Gulf-based construction company aims to reschedule short-term debt to long-term borrowing. Arabtec had AED 1.63 billion in short-term liabilities and AED 728 million in long-term debt as of 30 June, according to the company’s financial records.

The company is also working at refinancing some loans, disposing of some assets and realigning the balance sheet, reported Reuters.

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