During a meeting, the Investment Dar Company unveiled its preventive settlement plan, dubbed the “Falcon” project, to all its creditors for their consideration. The plan aims to initiate preventive settlement procedures, pending approval from the majority of creditors, to tailor debt repayment methods according to each creditor’s preferences.
The new and enhanced plan, presented by CEO Hossam Ammar on behalf of Chairman of the Board of Directors Nasser Al-Anzi, underwent amendments based on feedback from major creditors.
The plan offers three options:
Option C: Immediate payment of 5% or within 3 months of closing.
Option B: Early repayment, with 15% paid in cash within one year and an equivalent amount in Boubyan shares, with a ban on selling for one year.
Option A: Long-term settlement, involving proportional cash distribution after paying off Options B and C, with excess proceeds from assets distributed to creditors. Furthermore, arrangements for financing from Federa amounting to 20 million dinars are being made to lift the seizure on Boubyan Bank shares, facilitating their sale and debt repayment. The release of shares will occur in stages, minimizing financial strain and maximizing creditor recovery.
During the session, creditors expressed their opinions on the plan, with six parties requesting additional time for review until the end of the month. Ammar highlighted the benefits of the improved plan, emphasizing potential recoveries and avoiding a liquidation process that may diminish creditor returns.
The settlement process will be supervised by creditors, with a third-party asset manager appointed to oversee asset disposal and debt recovery. The meeting, attended by representatives from all creditor parties and government agencies, reflects a concerted effort to navigate the company’s financial challenges under the guidance of bankruptcy judges Suleiman Abdullah bin Youssef and Youssef Al-Jalibi.
