Dubai-based Contracting company, Drake & Scull International (DSI), has set out a plan to settle its debts by writing 90% of them off and converting the remaining 10% of them to a mandatory convertible sukuk.

The company, which has been locked in restructuring attempts dating back several years after losses spiralled in 2018, made a statement to Dubai Financial Market (DFM) today saying it had obtained 67% of its debt value’s votes, which exceeds the required threshold under bankruptcy law, for the move.

DSI said it has submitted the plan to a competent court, with a final judgement by Dubai’s Cassation Court adjourned until 27th June.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)