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Gulf General Defaulted on $139.8 Million in Bank Loan Repayments

Gulf General Investments Co., a Dubai-based investment company, said it defaulted on the repayment of 513.5 million dirhams ($139.8 million) in bank loans as of June 30.

The company said in May that it had defaulted on the repayment of 489.2 million dirhams as of March 30. “The company’s initiation of restructuring the debt due to the banks is in advanced progress,” it said in a statement to the Dubai bourse yesterday.

“The non-current portion of the defaulted loans as at June 30 amounting to 438.8 million dirhams was reclassified in the condensed consolidated financial statements as current liabilities,” the company said.

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