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Dubai: Union Properties is still in in negotiations with its main lender Emirates NBD to restructure the ‘legacy’ debt the Dubai developer has been carrying on its books. Last year, UP had completed a Dh595 million debt restructure, that helped it make some much needed progress towards a new turnaround plan.

That deal meant it resolved ‘legacy liabilities with a majority’ of lenders. “The restructuring supports improved profitability and cash flow generation by effectively reducing the company’s financing costs,” the developer said in a statement announcing its 2022 financials, which saw it return to profits of Dh30 million after a staggering Dh966.8 million loss the previous year.

“It strengthens Union Properties’ balance-sheet and enables it to raise additional financing for future real estate developments.”

UP’s overall exposure to banks is over Dh822 million.