Wednesday 30 July 2014

MMG appoints advisor for debt restructuring

Dubai, May 20, 2013

Saudi contractor Mohammad Al Mojil Group (MMG) said on Monday it had appointed the investment banking arm of Gulf International Bank to advise it on a restructuring of its debts.

No value of the amount of debt being restructured was given in the statement, released to the Saudi stock exchange.

MMG Group has been in financial difficulty for some time, with shareholders rejecting a plan to liquidate the company in November after its accumulated losses exceeded 75 percent of its capital at the end of the third quarter.

The group replaced its chief executive and appointed PricewaterhouseCoopers to undertake a financial performance review last May aimed at raising efficiency and reducing expenses. – Reuters

Tags: Saudi Arabia | debt | MMG | advisor | contractor | restructuring |

More Construction & Real Estate Stories

calendarCalendar of Events


Buy high quality China wholesale Health & Beauty , Electronics, Sports & Outdoors , Computers, Video Games, Toys & Hobbies Cell Phones, Automobiles and other wholesale products directly from reliable Chinese wholesalers or Factories on