Owner of the largest indoor leisure park “Worlds of Adventure” in Dubai is exploring the options available to work, including potential sales, according to people familiar with the matter.
Local news media said Elias and Mustapha Caldari Group, known as IMG, were considering selling part or all of the theme park “World of Adventure,” struggling to restructure a 1.2 billion dirham ($ 327 million) loan.
News media revealed that the discussions were at an early stage, and the owners might decide to maintain business or consider an initial public offering later, but Chief Executive Leonard Otto said there was no plan to sell the company. Advanced with banks on the restructuring of syndicate loan to support business.
The company was working with JPMorgan Chase and Hermes Holding on a possible initial public offering for 2017.
A long period of lower oil prices and fewer visitors than expected have put pressure on operators for several recreational parks in the UAE in recent years, including Legoland Parks and Warner Brothers.