The company obtained the initial approval from the creditor banks to restructure the outstanding balances of the loans granted to the company.
The company explained that the restructuring comes against the background of the exceptional circumstances that the company experienced in previous years as a result of the Covid pandemic, which caused the exit of Maridive from some contracts, in addition to the delay of some customers in paying the company receivable in the due dates, which had a negative impact on the company’s cash flows.
The company added that it is expected to complete obtaining final approval and signing contracts during the second quarter of this year.