Manufacturing · MENA
AED 200MProject Falak
A turnaround financing that let a manufacturer reset
Arranged AED 200M of project and working-capital funding to enable the operational restart and structured repayment of legacy obligations for a MENA manufacturer emerging from multi-year losses — in a 2023-2024 rate environment where conventional lenders had retreated from mid-market turnaround situations.
Challenge
A MENA manufacturing group had run several consecutive loss years. Legacy debt sat across two UAE banks, both wary of extending further. The operating case was strong — a recent plant modernisation had reset unit economics — but the balance-sheet narrative killed every new credit conversation at committee, particularly as UAE CB risk-weighting on unrated mid-market corporate exposure tightened under the post-Basel III reform cycle.
Approach
LMA rewrote the story. We built the financing around post-modernisation unit economics, not the legacy P&L. A new facility was structured to simultaneously fund the working-capital restart and retire the oldest legacy tranche on agreed terms. A two-bank club handled it; we took both through credit process in parallel to avoid sequencing risk. A covenant package was calibrated to realistic EBITDA ramp — not management's original case.
Outcome
AED 200M closed. Legacy debt retired on negotiated terms. Manufacturing lines restarted. Eighteen months later the group reported its first profitable quarter in four years.
Led by
Q. Bilal Khan Niazi · Mustafa Raza
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