Dubai investment firm Shuaa delays publishing 2023 financials ahead of final deal with creditors

Dubai investment firm Shuaa delays publishing 2023 financials ahead of final deal with creditors



Shuaa had on March 13 said it has initiated a 'consent solicitation' on amending the terms and conditions of its $150 million in outstanding bonds, which were maturing on March 31, 2024. The outcome of the consent solication is 'anticipated to be determined and announced to all stakeholders by April 5'.

In a statement, the company said: "Shuaa emphasizes the critical importance of noteholders' support for the ongoing restructuring proposal, which is integral to facilitating a third-party capital injection and restoring business stability and continuity.

"The proposed solution most importantly secures the going concern status of the company and offers the best available option to noteholders by offering cash settlement along with the opportunity to participate in the equity of the business.

Pending the outcome of negotiations with creditors, and subject to regulatory approvals, Shuaa intends to convene a general assembly of shareholders by the end of April to determine subsequent steps."

Dubai investment firm Shuaa delays publishing 2023 financials ahead of final deal with creditors