Mohammad Al-Mojil Group (MMG) announces that the board of directors approved today 20/05/2013 the signing of an agreement with GIB Capital (The investment banking arm of Gulf international Bank GIB in the Kingdom of Saudi Arabia) today to act as a financial advisor in the financial restructuring program with all the debt holders, creditors and stakeholders.
Commenting on the appointment, MMG CEO Mr. Stewart Macphail said: "The business is now in a position to commence work on the financial restructuring of the companys balance sheet. With the advice of a trusted and experienced institution like GIB, we hope to succeed in establishing how MMG can reduce and potentially eliminate the current negative net equity of the company by agreement with its lenders, suppliers and shareholders on a restructuring program."
Macphail added that The work to operationally restructure the business remains ongoing but MMG has now reached a level of stability that both the Board of Directors and management believe would allow the company to improve its future financial performance and embark on a process to resolve its negative equity.
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