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Thursday, 1 September 2016

UPDATE 1-UAE's Al Jaber to sell contractor, leverage hotel in debt plan - sources | Reuters

UPDATE 1-UAE's Al Jaber to sell contractor, leverage hotel in debt plan - sources | Reuters:

"Abu Dhabi's Al Jaber Group plans to raise up to 2.35 billion dirhams ($640 million) by the end of 2017 by selling its stake in a construction company and using a prime hotel in the emirate as collateral for a loan, informed sources said.

The moves are part of an attempt by the family conglomerate to seal a new restructuring deal with creditors after missing a payment on its existing $4.5 billion debt plan in March.

Creditors of the group, best known for construction but with interests in a host of other sectors, are currently studying the proposed debt plan, with four sources indicating they are confident an agreement could be in place by year-end."



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