It was announced that Drake and Scull International PJSC (“DSI”) made an application pursuant to Federal Decree Law No. (9) of 2016 on Bankruptcy for its financial reorganization process to be conducted under the supervision of the Financial Reorganization Committee (the FRC) which has accepted DSI’s request.
Companies falling under DSI
Pursuant to the announcement addressed to creditors, the following companies are considered part of DSI group, and thus creditors of those companies are concerned with this announcement:
– Drake and Scull International PJSC;
– Drake & Scull International LLC;
– Drake & Scull for Contracting Oil & Gas Fields Facilities LLC;
– Drake & Scull Engineering LLC (formerly Drake & Scull Water and Power LLC) (each a Company and together the Companies)
Once the reorganization plan is approved, Creditors of DSI group would be invited to vote on the plan after having the opportunity to review it.
Lodging of claims and participation in voting on the reorganization plan
In order to participate in the voting process, each creditor must lodge with the FRC appointed expert by no later than 28 September 2020 a proof of its claim(s) (as at 30 June 2020) together with any available documents which support such claim(s). In the event that any such claim is disputed by the relevant Company, that Company may request that the creditor submit additional documentation supporting the relevant claim (which may be required to include documentation approved by a reputable auditor).
Should you wish to learn more about the restructuring process or if you need assistance with lodging your claim or lodging an objection to the decision of the appointed expert of the FRC regarding your claim please get in touch with our lawyer Samer Abou Said.