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Orascom Hotels denies reaching agreement to reschedule EGP 2.8bn debt

Orascom Hotels denies reaching agreement to reschedule EGP 2.8bn debt
Photo Credit: Arabianeye - Reuters
Orascom Development Egypt
ORHD
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Cairo - Mubasher: Orascom Hotels and Development Co. said it didn't reach any agreements with banks to reschedule a EGP 2.8 billion debt.

The company said it is committed to announce any developments regarding its debts rescheduling agreements with banks.

The debts rescheduling agreements come in the framework of the government efforts to reschedule the debts of the tourism sector due to the unstable political and economic conditions.

Orascom Hotels saw net profits of EGP 270 million in the first nine months of 2015.