Drake & Scull International has completed its restructuring plan requirements. As part of this plan, the company issued mandatory convertible sukuks to creditors with debts of Dh1 million or more.
Shafiq Abdul Hamid, the Chairman of the Board of Directors of Drake & Scull, confirmed that the company has met all stipulations of the restructuring plan, which was approved by creditors and the courts. Key achievements include:
- Raising over Dh450 million in new capital.
- Obtaining approval from the Securities and Commodities Authority.
- Writing off Dh4.18 billion in debts.
- Issuing 10% of mandatory convertible bonds into shares after five years.
These steps position the company to resume operations, participate in tenders, secure new projects, and enhance profitability and asset value, the state news agency WAM reported.
Additionally, Drake & Scull has initiated cash settlements for creditors with debts under Dh1 million, totalling Dh13.6 million.
This process is overseen by a court-appointed expert based on the final creditors list published on January 30, 2024, with adjustments for any court-filed objections.
