19.02.2015, 14:41
NBB agrees Workout Plan with Riffa Views to complete remaining villas
OREANDA-NEWS. National Bank of Bahrain B.S.C.
National Bank of Bahrain (NBB) along with major creditors of Riffa Views
and Riffa Views B.S.C. (c) (“Riffa Views”), the Bahrain-based real estate
development company are pleased to announce that a Workout Plan
agreement has been reached to complete the remaining villas in the Riffa
Views development. NBB, as the sole secured creditor, arrived at a
Workout Plan that involves completion of the unfinished villas in the
project, which would enhance the recovery of dues of various parties. The
agreed plan will entail new funding by NBB and will also involve active
participation and funding by Contractors namely, Projects Construction
Company WLL, Poullaides Construction Company WLL and Cyprus Cybarco
Tabet JV WLL and Cyprus Building and Road Construction Company WLL
(acting together). The Workout Plan, expected to be completed over the
next 48 months, entails construction of incomplete villas and sale of these
villas. The proceeds of the sale would then be utilized to settle various
creditors. In the Workout Plan, the Bank has taken into account the
interests of the 140 existing homeowners, by incorporating a scheme to
eventually handover title deeds during the course of the Plan from Riffa
Views Company.
Despite being the only secured creditor, NBB continued its efforts to include other creditors in the Workout Plan to make sure that the interests of various concerned parties are addressed and the project reaches its proper conclusion. The Workout Plan has taken into account the interest of affected parties related to those specific assets that are mortgaged to the Bank and provides an opportunity to recover a reasonable portion of their dues as well as continue to work towards the completion of the development.
Mr. Abdul Razak A. Al Qassim, Chief Executive Officer and Director of NBB, said “We are pleased to have worked collaboratively with all parties involved in the plan to reach an agreement that maximizes recoveries for stakeholders and supports the real estate sector in the Kingdom of Bahrain. As a gesture of goodwill and to emphasise NBB’s commitment to the project as well as upholding the image of the Kingdom of Bahrain, NBB would not only provide additional funding to the project but would also ensure that the title deeds of 140 villas would be released to the existing home owners within a stipulated time frame as laid out in the Workout Plan agreement. We believe that we are all working towards a common goal which involves not only completing this prestigious project but also serves as a model for other such projects in the Kingdom which need revival.”
Mr. Yasser Al Raee, the Managing Director of Riffa Views, said “We, at Riffa Views, are happy to have rejuvenated this project with the assistance of all our partners. Although it has taken a while to reach this agreement, we believe that we have finally reached a constructive conclusion to go ahead with the completion. With the signing of the Workout Plan Agreement, the entire Riffa Views project would be completed within the stipulated time frame as mentioned in the agreement. We would like to thank NBB and all the other partners who have continued to pursue an active course of action with the view of fulfilling their commitments to the project.”
Mr. Ashraf Obeid, on behalf of the majority of Creditors/Contractors, said “We express our thanks and appreciation to NBB for their overall help and contribution towards the finalization of this Agreement; hoping that all parties will be supporting the Workout Plan for the successful completion of the project. We also express gratefulness to Bahraini officials who assisted all parties in sincere advices and guidance.”
Riffa Views is Bahrain’s first master-planned golf residential community of over 1,056 villas set around an 18-hole signature championship golf course designed by Colin Montgomery and hosts the Royal Golf Club, the Royal Country Club, Riffa Views International School (RVIS), the RVIS Tennis Academy, the RVIS Soccer Academy, three Mosques and Riffa Palms, the retail and restaurant amenities.
Despite being the only secured creditor, NBB continued its efforts to include other creditors in the Workout Plan to make sure that the interests of various concerned parties are addressed and the project reaches its proper conclusion. The Workout Plan has taken into account the interest of affected parties related to those specific assets that are mortgaged to the Bank and provides an opportunity to recover a reasonable portion of their dues as well as continue to work towards the completion of the development.
Mr. Abdul Razak A. Al Qassim, Chief Executive Officer and Director of NBB, said “We are pleased to have worked collaboratively with all parties involved in the plan to reach an agreement that maximizes recoveries for stakeholders and supports the real estate sector in the Kingdom of Bahrain. As a gesture of goodwill and to emphasise NBB’s commitment to the project as well as upholding the image of the Kingdom of Bahrain, NBB would not only provide additional funding to the project but would also ensure that the title deeds of 140 villas would be released to the existing home owners within a stipulated time frame as laid out in the Workout Plan agreement. We believe that we are all working towards a common goal which involves not only completing this prestigious project but also serves as a model for other such projects in the Kingdom which need revival.”
Mr. Yasser Al Raee, the Managing Director of Riffa Views, said “We, at Riffa Views, are happy to have rejuvenated this project with the assistance of all our partners. Although it has taken a while to reach this agreement, we believe that we have finally reached a constructive conclusion to go ahead with the completion. With the signing of the Workout Plan Agreement, the entire Riffa Views project would be completed within the stipulated time frame as mentioned in the agreement. We would like to thank NBB and all the other partners who have continued to pursue an active course of action with the view of fulfilling their commitments to the project.”
Mr. Ashraf Obeid, on behalf of the majority of Creditors/Contractors, said “We express our thanks and appreciation to NBB for their overall help and contribution towards the finalization of this Agreement; hoping that all parties will be supporting the Workout Plan for the successful completion of the project. We also express gratefulness to Bahraini officials who assisted all parties in sincere advices and guidance.”
Riffa Views is Bahrain’s first master-planned golf residential community of over 1,056 villas set around an 18-hole signature championship golf course designed by Colin Montgomery and hosts the Royal Golf Club, the Royal Country Club, Riffa Views International School (RVIS), the RVIS Tennis Academy, the RVIS Soccer Academy, three Mosques and Riffa Palms, the retail and restaurant amenities.
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