Bank chiefs have launched a loan-restructuring scheme for indebted businesses where lenders work together to help firms to reduce their debt burden.
The UAE Banking Federation (UBF) revealed the plan yesterday aimed at struggling small and medium-sized enterprises (SMEs).
The move comes as progress on the countrys long-awaited insolvency law, which contains a similar framework for the restructuring of corporate debts, has stalled.
Under the terms of the UBF plan, which has been in development since late last year, an SME with multiple loans that is experiencing difficulties can opt to enter the scheme, whereby lenders coordinate their position and work to assist the company in restructuring its future repayments”.
The UBF did not say which…
Read the full article at: http://www.thenational.ae/business/banking/uae-banks-plan-to-let-smes-work-off-their-debts