Alliances Developpement Immobilier (ADI) proposed rescheduling stumbling debts of 2011, 2012 and 2015 through the issuance of new borrowing bonds.
The value of these loans exceed MAD2.5 billion (USD266 million), and their interest payment had stopped since 2016 due to financial challenges that the group faced over the real-estate crisis in Morocco.
During this period, the group adopted a strict plan to settle its debts through inking deals with banks to reschedule debts, allocate lands and properties for banks and borrowers and transform short-term debts into long-term ones.
The latest of these operations is transferring MAD996 million (USD105 million) from borrowing bonds to shares, last April.
These operations allowed ADI to reduce overall indebtedness from around MAD9 billion (USD957 million) at the end of 2014 to around MAD3 billion (USD319 million) at the end of 2018.
In the same context, the group invited all shareholders to attend an ordinary general assembly and another extraordinary one on February 27 in order to approve the issuance of borrowing bonds to be used to compensate old bonds.
The group intends to issue borrowing bonds of MAD1.4 billion under the name of Alliances Developpement Immobilier, the mother company, in addition to a second issuance of MAD900 million (USD96 million) under the name of branch company Alliances Darna.
A financial analyst in the Casablanca stock exchange told Asharq Al-Awsat that this operation was the final one in ADI's financial restructuring, which allowed it to overcome its financial difficulties.
He added that the new bonds would cover seven years and enjoy a three-year grace period.
