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Al Jaber in agreement with creditors over $4bn debt restructuring
- United Arab Emirates: Wednesday, March 06 - 2013 at 04:47
Abu Dhabi-based Al Jaber Group has reached a deal with creditors including HSBC Holdings to restructure about $4bn of debt, Bloomberg has reported, citing two people familiar with the matter. The company agreed with its five main lenders on terms, including loan repayments over five years, said the people. Al Jaber's total debt of about Dhs15bn includes about Dhs7.5bn of loans and overdrafts, while the rest is unfunded facilities including performance bonds and guarantees. PricewaterhouseCoopers and Allen & Overy advised the bank group on the restructuring, while NM Rothschild & Sons and Norton Rose advised Al Jaber Group.
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