Sign in
Abu Dhabi National Company for Building Materials (Bildco) reached a settlement in its legal dispute with Ajman Bank, according to an ADX disclosure (pdf). The agreement includes a signed debt settlement contract that resolves the ongoing legal dispute between the two parties. The disclosure did not mention the exact amount it paid, but Bildco said it received a 13.5% discount on the amount it owed the lender.
Ajman Bank waived all lawsuits against Bildco and released the mortgage on the company’s factory machines. The full amount has been paid, and legal procedures are in the process of completion.
This is the latest in a series of milestones for Bildco’s restructuring plans: Bildco reached a settlement with First Abu Dhabi Bank (FAB) to restructure its debt in May, offering one of its real estate assets as collateral for the arrangement. It also obtained a court order that lifts all foreclosures placed by FAB and Emirates NBD on its assets, properties, and bank accounts in September.
