Saudi JournalSaudi Journal
  • Home
  • Saudi Arabia
  • Business
  • Life
  • Technology
  • English
  • العربية
  • Submit A Press Release
Business

ISA Bullion launches next-generation digital gold trading platform to power Middle East’s gold rush

…

Business

Inception expands global reach with AI-native offerings on Microsoft’s Azure Marketplace

…

UAE initiative drives global momentum for workforce wellbeing with $1mln Human Energy Award

ENBD REIT announces Q1 NAV to 30th June 2025

Facebook Twitter Instagram Pinterest
Latest posts:
  • ISA Bullion launches next-generation digital gold trading platform to power Middle East’s gold rush
  • Inception expands global reach with AI-native offerings on Microsoft’s Azure Marketplace
  • UAE initiative drives global momentum for workforce wellbeing with $1mln Human Energy Award
  • ENBD REIT announces Q1 NAV to 30th June 2025
  • Etihad reports August 2025 traffic statistics
  • HyperPay to showcase next-generation payment solutions at Money20/20 Middle East 2025
  • First week of 28th Universal Postal Congress – Dubai 2025 successfully concludes
  • Etijah Marks 15 Years of Shaping Purposeful Careers Across the Region
Facebook Twitter Instagram Pinterest
Saudi JournalSaudi Journal
  • Home

    ISA Bullion launches next-generation digital gold trading platform to power Middle East’s gold rush

    Inception expands global reach with AI-native offerings on Microsoft’s Azure Marketplace

    UAE initiative drives global momentum for workforce wellbeing with $1mln Human Energy Award

    ENBD REIT announces Q1 NAV to 30th June 2025

    Etihad reports August 2025 traffic statistics

  • Saudi Arabia
  • Business
  • Life
  • Technology
  • English
  • العربية
  • Submit A Press Release
Saudi JournalSaudi Journal
Home » “Drake & Skull International” announces the completion of all restructuring requirements and the issuance of mandatory sukuk for conversion into shares according to the court’s decision and the restructuring plan
Business

“Drake & Skull International” announces the completion of all restructuring requirements and the issuance of mandatory sukuk for conversion into shares according to the court’s decision and the restructuring plan

Facebook Twitter Pinterest LinkedIn WhatsApp
Share
Facebook Twitter LinkedIn Pinterest WhatsApp

The Chairman of the Board of Directors of Drake & Skull International LLC, Engineer Shafiq Abdul Hamid, announced the completion of the company’s compliance with all restructuring plan requirements after issuing mandatory convertible sukuk to the Company’s creditors, in accordance with the restructuring plan, for the benefit of the financial and commercial creditors with the debts equivalent or exceeding AED 1 million.

Engineer Shafiq emphasized the company’s completion of all other requirements stipulated in the restructuring plan agreed upon with creditors and approved by the competent courts, which include the company’s success in increasing its new capital by more than 450 million dirhams and obtaining approval from the Securities and Commodities Authority, writing off financial and commercial debts in full by (4,181,766,366)  dirhams, and issuing the remaining 10% mandatory convertible bonds into shares after five years from the date of issuance.

This will enable the company to resume its activities by entering into tenders and obtaining new projects, leading to improving the company’s profitability and increasing its assets and shareholders’ rights.

Additionally, the company has started cash settlements for creditors with debts less than one million dirhams, with a total amount of (13,604,054) million dirhams according to the final list of creditors published on January 30, 2024, under the supervision of the expert appointed by the competent

court as a procedures trustee, in addition to any amount adjusted pursuant to objections filed with the court.

It is worth mentioning that Drake & Skull International LLC has numerous claims in the market that it seeks to collect through direct settlements or litigation through competent courts. Recently, Drake & Skull Engineering, one of the subsidiaries of Drake & Skull International LLC, won a court judgment in its favor issued by the Court of Appeal in favor of the company, obligating one of the major companies in Dubai to pay an amount of (36,715,677) million dirhams and fees, interest, and expenses. The company has begun taking the necessary measures to execute the award, noting that this amount includes bank guarantees.

Share. Facebook Twitter Pinterest LinkedIn WhatsApp

Related Posts

Business

ISA Bullion launches next-generation digital gold trading platform to power Middle East’s gold rush

Business

Inception expands global reach with AI-native offerings on Microsoft’s Azure Marketplace

Business

UAE initiative drives global momentum for workforce wellbeing with $1mln Human Energy Award

Business

ENBD REIT announces Q1 NAV to 30th June 2025

Business

Etihad reports August 2025 traffic statistics

Business

HyperPay to showcase next-generation payment solutions at Money20/20 Middle East 2025

Business

First week of 28th Universal Postal Congress – Dubai 2025 successfully concludes

Business

Etijah Marks 15 Years of Shaping Purposeful Careers Across the Region

Stay In Touch
  • Facebook
  • Twitter
Business

ISA Bullion launches next-generation digital gold trading platform to power Middle East’s gold rush

DUBAI, United Arab Emirates (GLOBE NEWSWIRE) — Gold prices broke all-time highs this week, surging past…

Inception expands global reach with AI-native offerings on Microsoft’s Azure Marketplace

UAE initiative drives global momentum for workforce wellbeing with $1mln Human Energy Award

ENBD REIT announces Q1 NAV to 30th June 2025

Etihad reports August 2025 traffic statistics

ISA Bullion launches next-generation digital gold trading platform to power Middle East’s gold rush

Inception expands global reach with AI-native offerings on Microsoft’s Azure Marketplace

UAE initiative drives global momentum for workforce wellbeing with $1mln Human Energy Award

ENBD REIT announces Q1 NAV to 30th June 2025

Etihad reports August 2025 traffic statistics

Stay informed with Saudi Journal, your trusted source for comprehensive coverage of news, events, and insights from Saudi Arabia and beyond. Explore diverse perspectives, stay updated, and engage with the latest stories shaping our world. Experience news like never before with Saudi Journal.

Facebook Twitter
Categories
  • Business (439)
  • Life (124)
  • Saudi Arabia (81)
  • Technology (75)
  • Uncategorized (1)
  • World (56)
    • Africa (11)
    • Asia (25)
    • Europe (5)
    • US (3)
Our Picks
Business

SRC signs a real estate finance portfolio purchase agreement with Bank Albilad

Life

AlUla’s ‘Hegra After Dark’ Experience Wins Best Arts and Culture Event at Middle East Event Awards 2025

Business

BridgeWise launches SignalWise to deliver AI-driven, real-time market intelligence for investors

© 2025 Saudi Journal.
  • Home
  • Saudi Arabia
  • Business
  • Technology
  • Life
  • English
  • العربية

Type above and press Enter to search. Press Esc to cancel.