Following the approval by the overwhelming majority of Global's creditors to the proposed terms of the restructuring, Global held meetings with its bank creditors in Dubai and London on 19th and 20th October at which a timeline for completion of the restructuring was proposed.

Maha Al-Ghunaim, Chairperson of Global commented:

“We are delighted by the overwhelming support creditors have shown Global through these challenging times and are excited by the prospect of putting this episode behind us and moving forward and allowing the management team to focus on the core business opportunities within the MENA region. “

David Pepper from WestLB and Chair of the Banks’ Steering Committee, added:

“We are delighted and encouraged by the significant progress to date made by Global and its advisers, HSBC.  Global has been highly professional and transparent throughout this process setting precedents for other restructurings in the region.

We very much look forward to working with Global and HSBC towards a successful completion of the restructuring and are optimistic that it can be achieved in accordance with the timetable outlined during the bank meetings.”