Drake & Scull: We have contacted all our creditors and our projects are continuing
Drake and Scull International said that it had completed the first phase of the restructuring plan related to the creditors' claims process, confirming in a disclosure on the Dubai Market Today website that “all creditors have been reached and asked to register proof of their claims.”
"Its operations and operational subsidiaries are still in place and its projects are under implementation, especially the company's projects contracts in Abu Dhabi and the arm of the company operating in water and energy in several countries, and that the company will keep the shareholders informed of the latest developments related to the projects and the restructuring process through the company's disclosures on the website Dubai Financial Market.
And it said that it published an advertisement for registering creditors' claims in two local newspapers last September, in which it invites all its creditors and subsidiaries to submit proof forms to register their claims and hand them over to the expert approved by the Financial Reorganization Committee.
She added, "After the certified expert reviewed, documented and registered all claims, the report containing a list of creditors and claims amounts was handed over to the committee on November 29, 2020 and upon the expert's recommendation to publish the results of creditors' claims after being reviewed and approved in local newspapers by the end of December 2020.
It indicated, "It will start implementing the second phase of the restructuring plan after obtaining the committee's approval to announce the results."
It indicated, "It will invite creditors to attend the general assembly of its creditors and its subsidiaries in January 2021 to present the restructuring plan and vote on it."
It added that it will then disclose the results of the voting after obtaining the approval of the relevant government agencies and the Securities and Commodities Authority
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