{"id":99023,"date":"2024-12-20T00:00:00","date_gmt":"2024-12-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/bildco-settles-debt-with-ajman-bank\/"},"modified":"2024-12-20T00:00:00","modified_gmt":"2024-12-20T00:00:00","slug":"bildco-settles-debt-with-ajman-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/12\/20\/bildco-settles-debt-with-ajman-bank\/","title":{"rendered":"Bildco settles debt with Ajman Bank"},"content":{"rendered":"

Abu Dhabi National Company for Building Materials (Bildco) reached a <\/strong>settlement <\/strong>in its legal dispute with Ajman Bank<\/strong>, according to an ADX disclosure (pdf)<\/a>. 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.<\/p>\n

Ajman Bank waived all lawsuits against Bildco and released the mortgage on the company's factory machines. <\/strong>The full amount has been paid, and legal procedures are in the process of completion.<\/p>\n

This is the latest in a series of milestones for Bildco\u2019s restructuring plans:<\/strong> Bildco reached a settlement with First Abu Dhabi Bank (FAB) to restructure its debt in May<\/a>, 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<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bildco received a 13.5% discount on its dues<\/p>\n","protected":false},"author":1,"featured_media":99024,"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":[1625],"tags":[44,1318,1391,833,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-99023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dispute-watch","tag-ajman-bank","tag-bildco","tag-debt","tag-dispute-watch","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"cd531629-27a9-415a-b759-fae51757632e","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/179.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Bildco settles debt with Ajman Bank","related_issue":[99007],"teaser":"Bildco received a 13.5% discount on its dues","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.9e3d414c-c765-4291-b114-a364002e5fa3.mp3"},"yoast_head":"\nBildco settles debt with Ajman Bank - 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