Bildco to restructure FAB debt, approves settlement with AD Ports: Abu DhabiNational for Building Materials (Bildco) has approved a settlement agreement with First Abu Dhabi Bank (FAB), the company said in a ADX disclosure (pdf). Under the agreement, Bildco will receive a debt reduction of AED 35 mn and repay the remaining sum in quarterly installments over an eight-year period, the company said in a press release (pdf). Under the agreement, Bildco will provide one of its real estate assets as collateral.

AND- AD Ports drops lawsuit over rental receivables claim: The construction materials firm has also approved a settlement agreement with AD Ports resolving an AED 13.9 mn rental receivables claim. AD Ports will write off some AED 7.9 mn of the debt, with the remaining AED 6 mn to be paid in installments under a debt restructuring process, ending on 31 March 2025. The agreement saw AD Ports waive all lawsuits against the company.

What’s next? Bildco’s board will convene a general assembly meeting in the first week of July to finalize the settlement with FAB.

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