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Sunday, 6 August 2017

UAE firm JBF RAK seeks to renegotiate 2 bln dirhams of debt-sources

UAE firm JBF RAK seeks to renegotiate 2 bln dirhams of debt-sources:

"Manufacturer JBF RAK, which is 60 percent owned by the United Arab Emirates' Ras al-Khaimah Investment Authority (RAKIA), is in talks with banks about renegotiating around 2 billion dirhams ($544.6 million) of debt, banking sources told Reuters.

The polyester producer, which according to its website is an affiliate of India's JBF Group, has contacted lenders about reviewing its debt obligations, said the sources, who spoke on condition of anonymity as the matter is not public.

JBF RAK and RAKIA did not respond to a Reuters request for comment."



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