Dubai’s Ilyas & Mustafa Galadari Group (IMG) has hired US-based Moelis & Company to advise it on a debt-restructuring, according to a report by Reuters.

The group, which develops property and operates a theme park is in talks with banks to extend the term and size of a AED1.2bn ($326.7 m) syndicated loan.

The loan, led by Abu Dhabi Islamic Bank with participation from Al-Hilal Bank, Commercial Bank International, Noor Bank and Sharjah Islamic Bank, helped fund the construction of IMG’s Worlds of Adventure theme park.

IMG said in 2016 that it plans to build a new theme park in known as IMG Worlds of Legends.

IMG Worlds of Legends will be built next to the existing IMG Worlds of Adventure. It will be a 185,000 square-metre indoor theme park with a retractable roof. The attractions will include rollercoasters, water-based attractions, and live entertainment based on characters such as Teenage Mutant Ninja Turtles, Dora the Explorer, and Bob the Builder.