Dubai firm Drake & Scull gets lifeline from Court of Cassation on bankruptcy proceedings

Dubai firm Drake & Scull gets lifeline from Court of Cassation on bankruptcy proceedings

Drake & Scull International will be boosted by the new Court of Cassation verdict. On the project side, there was a recent win in Jordan.

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Dubai: The Dubai engineering firm Drake & Scull International has won some much needed time to stave off going into liquidation after a new verdict delivered by the Court of Cassation.



The financially troubled company will now proceed with measures to raise its capital base and return the DSI stock to tared on DFM. And ‘carry on its activity better than before’.







Drake & Scull in a statement insisted that its restructuring process is in the ‘final form’. The company, which had losses of Dh5 billion and which wiped out its equity. Simultaneously, it had payment obligations to deal with. All of these have been factored into the possible restructuring process, and helped by a recent project win in Jordan.



How has the Court of Cassation helped?





The Court on August 22 revoked an earlier judgement by the Court of Appeal, which said Drake & Scull should go into liquidation. The Court of Appeal will now have