Citi, Qatar bank hold up Abu Dhabi firm's $4.5 bln debt talks - sources | Reuters:
"* Al Jaber debt talks ongoing for nearly three years
* Citi planning to sell loan exposure at discount - source
* Conglomerate in talks with banks holding up talks - source
By Stanley Carvalho and Regan Doherty
ABU DHABI, Oct 9 (Reuters) - Citigroup Inc and International Bank of Qatar (IBQ) are holding up negotiations to restructure $4.5 billion in debt of Abu Dhabi conglomerate Al Jaber Group, further complicating drawn-out talks, three sources familiar with the matter said.
Al Jaber is one of the most prominent private sector firms in Abu Dhabi, which has generally suffered fewer corporate problems than neighbouring Dubai since the financial crisis.
With operations in construction, aviation and retail, Al Jaber set up a five-bank creditor committee in 2011 to negotiate a restructuring after it became difficult for the firm to service its debt on maturity."
'via Blog this'
No comments:
Post a Comment