Arabtec intends to use Denovo to sell its Target
Two sources said that Arabtec Holding Company for Contracting intends to use the consulting firm Denovo for a possible sale of its subsidiary Target.
The two sources, who declined to be named, said the construction company, which is facing liquidation, hopes to use the money it collects to repay creditors and pay salaries.
One of the sources said that Arabtec will start communicating with Denovo next week.
Arabtec and Denovo did not immediately respond to a request for comment on Tuesday.
Target specializes in oil, gas and marine projects, and its website says it has activities in the UAE, Qatar and Saudi Arabia.
Sources said in October that Arabtec had informed banks at the time that Target was classified as a viable activity and could be protected if creditors agreed to freeze debt collection.
The company did not inform lenders about the amount of the allocation for Arabtec from their loans.
The source said banks agreed in principle last week to suspend debt payments, showing their lenders' support for the liquidation process.
Follow our latest local and sports news, and the latest political and economic developments via Google news