Dubai, United Arab Emirates: June 10, 2024 – The Chairman of the Board of Directors of Drake & Skull International LLC, Engineer Shafiq Abdul Hamid, announced the completion of the company’s compliance with all restructuring plan requirements after issuing mandatory convertible sukuk to the Company’s creditors, in accordance with the restructuring plan, for the benefit of the financial and commercial creditors with the debts equivalent or exceeding AED 1 million.
Engineer Shafiq emphasized the company’s completion of all other requirements stipulated in the restructuring plan agreed upon with creditors and approved by the competent courts, which include the company’s success in increasing its new capital by more than 450 million dirhams and obtaining approval from the Securities and Commodities Authority, writing off financial and commercial debts in full by (4,181,766,366) dirhams, and issuing the remaining 10% mandatory convertible bonds into shares after five years from the date of issuance.
This will enable the company to resume its activities by entering into tenders and obtaining new projects, leading to improving the company’s profitability and increasing its assets and shareholders’ rights.
Additionally, the company has started cash settlements for creditors with debts less than one million dirhams, with a total amount of (13,604,054) million dirhams according to the final list of creditors published on January 30, 2024, under the supervision of the expert appointed by the competent
court as a procedures trustee, in addition to any amount adjusted pursuant to objections filed with the court.
It is worth mentioning that Drake & Skull International LLC has numerous claims in the market that it seeks to collect through direct settlements or litigation through competent courts. Recently, Drake & Skull Engineering, one of the subsidiaries of Drake & Skull International LLC, won a court judgment in its favor issued by the Court of Appeal in favor of the company, obligating one of the major companies in Dubai to pay an amount of (36,715,677) million dirhams and fees, interest, and expenses. The company has begun taking the necessary measures to execute the award, noting that this amount includes bank guarantees.
