![[Egypt] Orascom Hotels and Development seeks loan rescheduling over repayment delay](Orascom dev.jpg)
[Egypt] Orascom Hotels and Development seeks loan rescheduling over repayment delay
Orascom Hotels and Development has revealed that it has entered into an agreement for the rescheduling of loans worth $147 million, after delaying repayment of loan installments for three years and postponing interest on premiums to the end of the fiscal year 2017.
According to the company, the Commercial International Bank (CIB) has been working to coordinate between lenders to Orasocom Hotels and Development, namely Banque Misr, the National Bank of Egypt, Ahli United Bank, Al Ahli Bank of Kuwait, National Bank of Abu Dhabi, and HSBC.
CIB has also rescheduled the medium-term loans for the company from lenders, which include HSBC, the Arab African International Bank, Al Ahli Bank of Kuwait, and the Export Development Bank of Egypt.
The company noted that Zaki Hashem and Partners would provide legal advice to mitigate any legal issues the rescheduling would create.
The agreement includes the payment of $220,000 of the total short-term facilities estimated at $73 million and rescheduling of the residual value amounting to $57 million under one loan for a period of eight years.
The agreement also includes the payment of EGP $10 million of the total short-term loans amounting to $92 million and rescheduling the remainder amount of $80 million over a seven-and-a-half-year period.
