The Egyptian Chemical Industries (Kima) has agreed in principle with a consortium of six local banks to restructure EGP 6.8 billion in outstanding debt, according to a statement.

The company did not disclose the six banks involved in the process but expects the lending banks to complete their review of the restructuring process during the second half of next July.

Kima’s statement also referenced to Al-Mal’s piece published on June 14,  linked the debt to Kima’s ammonia-urea plant; Kima-2.  Per Kima’s statement, the company is currently paying the gas dues, in agreement with the Egyptian Natural Gas Holding Company (EGAS).