Dubai-listed construction company Arabtec Holding has hired New York-based investment bank Moelis & Co to work on a new debt-restructuring plan, according to a Reuters report.

Arabtec is seeking to reschedule short-term debt to long-term borrowing, and is working on refinancing some loans, disposing of some assets and realigning its balance sheet, the report said.

The company had AED1.63bn ($444m) in short-term liabilities and AED728m in long-term debt, according to its last financial report on 30 June, while its total assets stood at AED11.2bn.

Arabtec completed its share capital increase and a rights issue last year. The company increased its share capital from AED4.6bn to AED6.1bn. The company said at the time that it intends to use the net proceeds from the rights issue to fund [the] completion of ongoing projects, support the management’s business plan and provide financial flexibility to pursue growth opportunities.