November 1, 2018 / 11:23 AM / 2 years ago

Dubai theme park operator working with Moelis & Co on debt restructuring: sources

DUBAI (Reuters) - Ilyas & Mustafa Galadari Group (IMG), the Dubai-based operator of the world’s largest indoor theme park, has hired Moelis & Co (MC.N) to advise it on a debt-restructuring, four banking sources told Reuters.

IMG has been in long-running talks with banks to extend the term and size of a 1.2 billion dirham ($326.7 million) syndicated loan taken in 2014.

The loan, led by Abu Dhabi Islamic Bank (ADIB.AD) and including participation from Al Hilal Bank, Commercial Bank International CBI.AD, Noor Bank and Sharjah Islamic Bank SIB.AD, was partly used to build its Worlds of Adventure theme park.

IMG did not respond immediately to a request for comment, while New York-based boutique investment bank Moelis declined to comment.

Several theme parks have sprung up in the United Arab Emirates in recent years aimed at catering for the roughly 9 million population and the millions of foreign tourists.

IMG opened Worlds of Adventure in August 2016, with capacity for more than 20,000 visitors a day, and in December of that year announced plans to build IMG Worlds of Legends, based on children’s TV and gaming characters. At the time, there was no timetable for building the park.

($1 = 3.6728 UAE dirham)

Additional reporting by Saeed Azhar; Editing by David Goodman

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