TID announced today that it had gotten agreement of over two-thirds of its creditors to its rescheduling proposal.
Bader Al Ali, as official spokesman for the Creditors' Committee said:
“We are delighted to have achieved this important milestone and would like to thank all banks and investors for their strong support and commitment to this complex restructuring process. We are looking forward to working with the consenting banks and investors towards a final implementation and quick resolution of this matter. In the meantime, we continue to encourage the small minority of banks and investors who have not yet expressed their support to do so as quickly as possible in order for them to be included in the final implementation phase.”
The full press release is here.
When did 33.3% become a small minority?
Clearly, TID has failed and is trying to put the best possible face on the situation. Wonder if they're getting PR advice from someone in the UAE?
Also interestingly enough, the press release was issued after market closing hours. It made it on Nasdaq Dubai but not the KSE.
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