Hascol board approves restructuring, settlement arrangement scheme

MG News | September 26, 2022 at 10:24 AM GMT+05:00

0:00

September 26, 2022 (MLN): Hascol Petroleum board members on Monday approved the draft scheme of arrangement between the company, secured creditors and members for restructuring and settlement of its existing liabilities towards its creditors, a company filing on the PSX showed.

Earlier on August 24, the company had informed its shareholders that it was nearing a restructuring agreement.

The company has been in financial trouble since 2018 as its revenues have plummeted, losses rose and loans skyrocketed, sending its share price down from over Rs300 four years ago to less than Rs6.63 (as of September 23).

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