Dubai — Mubasher: Drake and Scull International (DSI) on Wednesday announced hiring new international advisors to implement a fresh restructuring process, along with setting up a full-fledged operational and fiscal plan in collaboration with the restructuring committee formed recently.

The regional provider of engineering and construction services said that Trussbridge Advisors (DIFC) has been appointed as financial advisors for the company's latest restructuring round, with Deloitte being picked to advise on a new business plan, according to an official statement.

While Law firms Allen & Overy and Al Tamimi and Co have been chosen to handle legal and regulatory aspects of its proposed restructuring, respectively.

In October, DSI’s shareholders voted to allow the Dubai-listed firm to continue as a going concern after it achieved losses worth more than half of its share capital.

DSI said in a statement that it was “pursuing ongoing measures to accelerate bidding and secure new projects and continues to submit proposals for carefully selected projects, predominantly in the UAE.”

Earlier on Wednesday, DSI reported a 46% year-on-year decrease in losses during the nine months of 2018, reaching AED 662.9 million, down from AED 1.22 billion, according to a filing to the Dubai Financial Market (DFM).

As for the third quarter of 2018, the company’s losses amounted to AED 498 million, compared to AED 317.6 million in Q3-17.

“The appointment of an experienced restructuring advisory team is an important step as we move forward with our financial and operational restructuring plan,” the firm’s CEO Yousef Al Mulla commented.