Dubai engineering firm Drake & Scull seeks 90% write-off on debt in restructuring plan

Dubai engineering firm Drake & Scull seeks 90% write-off on debt in restructuring plan

Dubai: The Dubai based engineering firm Drake & Scull International expects to see a 90 per cent write-off of its debts as part of a restructuring plan that needs to be approved by a local court. Money owed to government and those related to ‘labour rights’ will be paid in full to ‘reach a debt amount equal to zero’ as part of the plan. “Once the procedures of the court (is) completed, the rest of the procedures agreed upon in the plan will be initiated, including raising the company’s capital and submitting a request to return the company’s stocks to trade in the Dubai Financial Market,” Drake & Scull said in a statement. So, everything vests with what the court in Dubai will decide. The company had spent the better part of two years to put together the restructuring plan, including extended negotiations with creditors and lenders. Project are still ongoing, but there is the constant shadow of accumulated losses at more than Dh4 billion. On its part, Drake & Scull seems confident that the plan will work. “The Board of Directors confirm the positive effect of the approval of the restructuring plan on the national economy. We are more