(MENAFN) Saudi Cable Company said in a statement that it has signed a deal with three of its main lenders to restructure USD170.7 million of debt, Arab News reported.
The debt will be restructured over a period not exceeding eight years, the company said without naming the lenders or giving other details of the restructuring.
The company maintains "normal operational relationships" with one of its lenders, from which it has borrowed SR USD30 million, although it has not complied with covenants on those loans.
It is holding talks with another bank about the possibility of restructuring a further USD26.55 million of debt, with an agreement expected to be reached before the end of the second quarter.
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