21 Hrs
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بوابة الشروق
Source: بوابة الشروق
21 Hrsبوابة الشروق
Source: بوابة الشروق
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The banks that lent to Inertia have begun legal proceedings after classifying the company as a delinquent borrower, and postponed the disbursement of EGP 950 million from a EGP 5.2 billion syndicated loan. They are also considering setting aside provisions for the full debt, which exceeds EGP 5 billion. This follows the withdrawal of the land for the Jefaira project on the North Coast due to delays in construction. About EGP 2 billion remains due on the land, and the company has asked to defer its installments until next year. Regulatory authorities have also requested detailed information on the financing and repayments, while the banks have asked the company to clarify its schedule for meeting its obligations amid changes to its ownership structure.
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