First Group Sukuk Restructuring Proposal Approved by Creditors

Holders of the TFG Sukuk I Limited $135 million 10.5% August 2024 sukuk have voted in favor of a proposal to restructure the certificate, according to sources familiar with the situation.

• Aurum, parent of United Arab Emirates based real estate developer The First Group, had put forward a restructuring proposal that extends the maturity to August 20, 2026 while also revising the instrument’s amortization schedule
• Other amendments included enhanced security, covenant and monitoring packages
• To pass, the proposal required at least 75% of investors in the certificate to approve the request
• Representatives for the company did not respond to a ...