⁍ Dubai real estate developer Union Properties UPRO.DU has completed a payment of $19.06 million towards its largest lender.
⁍ The restructuring plan, reached in August with its main lender Emirates NBD ENBD.DU, aims to ‘improve the Group’s cash-flow and restore its standing with the banking sector
– Dubai’s real estate market is far from hunky-dory, but one company is trying to make up for lost time. The emirate’s Union Properties has made a $19 million payment to its biggest lender as part of a debt restructuring plan, Reuters reports. The company says the move will “improve the Group’s cash-flow and restore its standing with the banking sector,” though the real estate market has been struggling in recent years.
Source: https://www.reuters.com/article/emirates-union-properties-int/union-properties-pays-19-million-towards-debt-restructuring-idUSKBN27B0JM