Al Jaber Group, the Abu Dhabi conglomerate, is in the final stages of talks with creditors about restructuring up to US$4.5 billion (Dh16.5bn) of liabilities.
According to people close to the discussions, speaking on condition of anonymity because the talks were confidential, the company could be ready to present a term sheet to about 20 creditors by the end of this month.
Al Jaber, one of the biggest contractors in the emirate, has been trying to renegotiate bank and other liabilities for nearly two years. The talks have been complicated by the different kinds of financial liabilities owed by the company.
One of the sources said that there was about Dh7bn to Dh7.5bn of "funded" debt liabilities in the form of bank loans or overdrafts. There was also up to Dh8bn in the form of performance bonds and guarantees, "unfunded debt", but which is also regarded as a financial liability and included in the restructuring talks.
Read more: http://www.gulfbase.com/news/al-jaber-in-final-stages-of-4-5bn-debt-talks/229047
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