Arabtec wants to protect its oil and gas subsidiary Target from liquidation

Target from liquidation

Arabtec Holding approached banks this week for a three-month halt on obligation reimbursements for its auxiliary Target, sources stated, as the Dubai-recorded manufacturer that is confronting liquidation tries to spare a portion of its business. Target has some expertise in oil and gas activities and marine work with tasks in the UAE, Qatar and Saudi Arabia.

Investors, including Abu Dhabi state reserve Mubadala Investment Co., casted a ballot a month ago to exchange Arabtec after misfortunes extended due to the Covid emergency. Arabtec told banks that Target had been distinguished as an economical business and could be shielded from the breakdown of the more extensive gathering if loan bosses consented to a halt.

The organization didn’t tell moneylenders the amount of their loaning to Arabtec was allotted to Target. Arabtec had all out liabilities of about $2.75 billion toward the finish of June, incorporating nearly $500 million in bank obtaining.

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