Al Jaber seeking debt extension
- United Arab Emirates: Sunday, October 07 - 2012 at 09:18
Abu Dhabi-based conglomerate Al Jaber Group is looking to extend debt repayments to creditors by five years and has proposed the sale of non-core assets, as part of its multi-billion dollar restructuring, Zawya Dow Jones has reported, citing three people familiar with the matter. Lenders have also been informed they won't face a reduction, or haircut, in what they are owed, the sources said. Al Jaber, which is being advised by Rothschild, will give creditors a more detailed term sheet in the coming months, after which creditors will have time to respond. One person said the hope was to get the restructuring signed by the end of the year, but that it might take until early 2013.
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