Mohsin Issa's petrol forecourt empire pays off debt in scramble to improve finances [Yahoo! Finance]
Moody's Corporation (MCO)
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Source: Yahoo! Finance
The petrol station empire said it had cleared its immediate debt obligations after selling off a string of forecourts and convenience stores. This includes a recent deal to offload the last remaining part of its UK business to Zuber Issa, cementing a recent split with his brother Mohsin. EG also sold 19 Mini-Mart convenience stores in the US earlier this month, with both deals generating around $400m (£315m) in cash. Those funds have since been used to help pay large chunks of EG's debt. New figures show the company's debt pile stands at $5.27bn, down from $10bn in January 2023. EG is understood to have paid off hundreds of millions of pounds of debt in the last few months alone, which has resulted in rating agency Moody's upgrading its outlook from negative to stable. The payments come after years of scrutiny regarding the high levels of debt at EG Group, as Mohsin and Zuber used vast borrowings to build a global empire. By September 2021, the brothers had turned EG in
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MCO
Earnings
- 10/22/24 - Beat
MCO
Sec Filings
- 11/12/24 - Form 4
- 11/8/24 - Form 144
- 11/5/24 - Form 4
- MCO's page on the SEC website