Dubai – Mubasher:  Ilyas & Mustafa Galadari Group (IMG) is in talks with banks to restructure an AED 1.2 billion ($326.7 million) syndicated loan and to extend its maturity, IMG told Reuters.

The Dubai-based company seeks to enlarge its present loan facility to offset cost overruns, according to Reuters.

The talks between the company and banks began a few weeks and aimed at easing the company’s financial situation and including providing more finance to IMG, informed sources revealed, as Reuters reported.

“In return, additional covenants would be put in place to allow banks to monitor the company’s financial situation better,” the international news agency stated.

Taken in 2014, the AED 1.2 billion loan was led by Abu Dhabi Islamic Bank (ADIB) and included participation from Al Hilal Bank, Commercial Bank International (CBI), Noor Bank, and Sharjah Islamic Bank.