Gulf General Investment Company (GGICO) is seeking to restructure loans linked to the AED2.8bn debt plan which it agreed upon four years ago. The group, which has investments spanning financial services, property, hospitality, manufacturing and retailing, began to struggle at the start of 2016 and warned banks soon afterwards that it would not be able to meet some debt installments. More recently, GGICO, 50%-owned by the Al Sari family from the emirate of Sharjah, requested its approximately 27 banks to help it restructure its debt. Under the original restructuring plan agreed-upon between the company and creditors in 2012, AED2.8bn in debt would be repaid over a six-year schedule. According to GGICO's financial statements, it was required to make cumulative debt repayments of AED625mn up to 31 December 2015. GGICO is now keen on restructuring this payment and other remaining payments due by 2018, as the company had been facing subdued economic activity and lower asset values according to sources. (Reuters)