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Hill International (HIL) Secures Partial Payments of More Than $9.4M from Libya’s Organization for Development of Administrative Centres

December 4, 2019 7:00 AM

Hill International, Inc. (NYSE: HIL) announced today that it has received additional partial payments of more than $9.4 million against the approximately $42 million outstanding accounts receivable that the Company had been owed from the Organization for the Development of Administrative Centres (“ODAC”), an agency of the Libyan national government.

Including payments made in 2013, 2014, and 2018, Hill has now collected approximately $23 million against its original accounts receivable balance outstanding at the time when the Libyan civil unrest began in February 2011. Hill’s remaining accounts receivable balance with the ODAC is now down to approximately $32 million. The Company previously reserved the entire net accounts receivable from the ODAC. “We are extremely pleased to have received this payment,” said Raouf Ghali, Hill’s Chief Executive Officer. “This is another major step in collecting our outstanding receivables from our client ODAC and ultimately getting back to work in Libya.”

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