Aug. 11 (Bloomberg) -- Al Jaber Group, a family-owned Abu Dhabi company which restructured its debt in June, is planning a sale of its transportation and lifting unit to help repay loans, two people with knowledge of the matter said.
Al Jaber, whose businesses span construction, engineering and shipping, has hired Barclays Plc to find potential suitors for the unit, known as Al Jaber Heavy Lift, the people said, asking not to be identified as the information is private. The unit is worth $500 million to $1 billion, the people said.
Al Jaber is among several businesses in the United Arab Emirates that sought to restructure debt after the global financial crisis in 2008 led to a crash in property prices. The company’s creditors included banks such as HSBC Holdings Plc, Royal Bank of Scotland Group Plc and National Bank of Abu Dhabi PJSC. Al Jaber’s total debt was estimated at about $4 billion, a person with knowledge of the matter said in March 2013.
Al Jaber Heavy Lift, which has a fleet of more than 270 cranes, helps with the ground and sea transportation and erection of heavy equipment and oil rigs for energy and industrial projects, according to its website. It is expected to attract regional and international private-equity firms, one of the people said. An auction process for the unit is expected in the third quarter, according to the people.
A spokesman for the Al Jaber Group declined to comment, while a representative for Barclays did not respond to an e-mail seeking comment.
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