Abu Dhabi’s Al Jaber Group Signs Debt Restructuring Agreement
Al Jaber Group, a family-owned industrial business in Abu Dhabi, signed a final agreement with banks to restructure debt.
The company, whose business spans construction, engineering and shipping, signed all the documents to complete the deal, according to an e-mailed statement today. Total debt was estimated at about 15 billion dirhams ($4 billion), which includes about 7.5 billion dirhams of loans and overdrafts, a person with knowledge of the matter said in March 2013, who asked not to be identified because the information is private.
Al Jaber is one of several businesses in the United Arab Emirates that sought to restructure loans after the global credit crisis in 2008 led to a crash in property prices. The Abu Dhabi-based company reached a preliminary agreement with its main lenders in March 2013 that included a five-year repayment plan, two people familiar with the matter said at the time.
“Throughout the negotiations period Al Jaber Group has continued to successfully operate, winning significant new business in the U.A.E., the region and Asia,” Chairman Obaid Khaleefa Al Jaber Al Marri said in an e-mailed statement today.
National Bank of Abu Dhabi PJSC, Abu Dhabi Commercial Bank PJSC, Royal Bank of Scotland Group Plc, HSBC Holdings Plc and Union National Bank PJSC made up the coordination committee that negotiated the new terms on behalf of about 30 lenders, one of the people familiar said last year.
To contact the reporter on this story: Arif Sharif in Dubai at email@example.com
To contact the editors responsible for this story: Samuel Potter at firstname.lastname@example.org Dana El Baltaji, Dale Crofts