Emaar EC announces financial restructuring plan

Emaar The Economic City (Emaar EC) announced its financial restructuring plan aimed at boosting its ability to move forward with growth plans, according to a Tadawul statement.
This includes bank facilities rescheduling, as the company signed a non-binding term sheet on Sept. 7, to roll over its existing facilities with Alinma Bank, Saudi Awwal Bank (SAB), Banque Saudi Fransi (BSF), and Saudi National Bank (SNB).
The deal is to reschedule all the outstanding facilities worth approximately SAR 3.471 billion owed by the company to such banks. The terms will be consolidated under a single unified agreement. As part of the rescheduling, the banks will also provide the company with new credit facilities amounting to nearly SAR 301.4 million.