Dubai – Mubasher: Drake & Scull International (DSI) has completed the first phase of its restructuring plan, in which the company has requested all creditors to register proof of their claims.
After the Financial Reorganisation Committee approves to announce the results of creditors’ claims, the company will start the restructuring plan's second phase, according to a press release on Tuesday.
In the second phase, the creditors will be requested to attend the ordinary general meeting (OGM), set to be held in January 2021 to bring together the company's creditors and subsidiaries to present the restructuring plan and vote thereon.
Meanwhile, the company and its subsidiaries continue to implement their projects and operations, including Al Reem Mall in Abu Dhabi and contracts under which the company manages water and energy sectors in several countries.
It is noteworthy to mention that during the first nine months of 2020, the company achieved net profits of AED 129.8 million, versus AED 1.065 billion in the same period of 2019.
