GARMCO announces its first creditor repayment
In accordance with the restructuring plan signed in November 2021 following the company's reorganisation in February 2019, Gulf Aluminium Rolling Mill "GARMCO", a portfolio company of Bahrain Mumtalakat Holding Company, announced its first repayment to creditors of USD 23 million.
GARMCO reported that it settled its first payments after the business experienced its most profitable year since it started its journey.
The reorganisation plan allowed GARMCO to convert the remaining 28 per cent of its debt into company shares while repaying 72 per cent of its total value over an 11-year period.
Arif Rahimi, the Chairman of GARMCO and board representative of Mumtalakat, said, "The plan has enabled us to continue operating and maintain our leading role in the Aluminium downstream industry sector."
Mohamed Rafea, the Chief Executive Officer of GARMCO, said, "The Company will continue to focus on improving its operations to deliver quality products for our clients."
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