Zabeel Seeks to Restructure $1.63 Billion in Debt, National Says
Stock Chart for Union National Bank PJSC/Abu Dhabi (UNB)
Zabeel Investments, a Dubai-based private-equity company and property developer, is in talks with its creditors to restructure about 6 billion dirhams ($1.63 billion) of debt, The National reported, citing unidentified sources.
Zabeel missed some repayments of loan principals although it mostly met interest payments, the Abu Dhabi-based newspaper reported. HSBC Holdings Plc, Emirates NBD, Union National Bank and Commercial Bank of Dubai are among Zabeel’s creditors, the newspaper said.
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