{"id":92596,"date":"2024-05-31T00:00:00","date_gmt":"2024-05-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/bildco-approves-fab-ad-ports-settlement-agreement\/"},"modified":"2024-05-31T00:00:00","modified_gmt":"2024-05-31T00:00:00","slug":"bildco-approves-fab-ad-ports-settlement-agreement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/31\/bildco-approves-fab-ad-ports-settlement-agreement\/","title":{"rendered":"Bildco approves FAB, AD Ports settlement agreement"},"content":{"rendered":"

Bildco to restructure FAB debt, approves settlement with AD Ports: <\/strong>Abu Dhabi<\/a>National for Building Materials<\/a> (Bildco) has approved a settlement agreement with First Abu Dhabi Bank (FAB), the company said in a ADX disclosure (pdf)<\/a>. 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)<\/a>. Under the agreement, Bildco will provide one of its real estate assets as collateral.<\/p>\n

AND- AD Ports drops lawsuit over rental receivables claim: <\/strong>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.<\/span><\/p>\n

What\u2019s next? <\/strong>Bildco\u2019s board will convene a general assembly meeting in the first week of July to finalize the settlement with FAB. <\/p>\n","protected":false},"excerpt":{"rendered":"

AD Ports has waived its lawsuit against Bildco<\/p>\n","protected":false},"author":1,"featured_media":92597,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1686],"tags":[7,212,65],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dispute-watch-2","tag-enterpriseam-uae","tag-fab","tag-first-abu-dhabi-bank","wpautop","entry"],"acf":{"mongo_id":"fcde49e4-0e67-4da0-9fe6-d9beda523ff6","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1200.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Bildco approves FAB, AD Ports settlement agreements","related_issue":[92578],"teaser":"AD Ports has waived its lawsuit against Bildco","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.e81401e9-2960-42ca-8265-6878f379ca33.mp3"},"yoast_head":"\nBildco approves FAB, AD Ports settlement agreement - 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