GGICO signs debt restructuring deal

Dubai-based Gulf General Investment Co (GGICO) announced that it has completed an Dh2.1 billion ($584 million) debt restructuring after obtaining agreement from the majority of its creditors.

Chairman Abdalla Juma Al Sari believes this is a win-win deal both for Ggico and its creditors. “Driven by market conditions, we have obtained enough time until 2023 to dispose of our non-core assets in an organised and structured manner and to retire the debts. Subsequently, the company will focus on its core assets with very low leverage,” he said.