UAE's Al Jaber Group agrees to restructuring of $1.5bn debt
Conglomerate will reportedly sell $444m of assets by end-2020, with personal assets worth $208m also in line to be sold
The UAE’s family-owned Al Jaber Group is said to have agreed with banks on the second round of restructuring of its $1.5bn (AED5.5bn) debt, with the conglomerate close to signing a deal with 20 creditors to push loan maturities to December 2026.
According to a Bloomberg report, Al Jaber will in return seek to raise $444m (AED1.63bn) from asset sales by the end of 2020, and is also currently hiring sale managers.
Personal assets worth $208.2m (AED765m) may also be sold, the report stated, adding banks had committed to extending a credit line worth $408.3m (AED1.5bn) to the firm to support its project bids.
The deal is due to complete by September 2019 after banks receive necessary approvals.
Al Jaber Group signed an agreement to alter the terms on its $4bn (AED14.7bn) debt in June 2014 following four years of negotiations.