Abu Dhabi conglomerate Al Jaber Group, in talks to restructure over $1bn in debt, is close to reaching a standstill agreement with its core lenders, the company said on Thursday.
Al Jaber set up a banks' committee earlier this year to thrash out a debt restructuring after it announced talks with lenders to discuss the terms of its facilities.
Sources at creditor banks had said the company and its lender committee of five banks had been locked in discussions on a standstill agreement, and are awaiting an announcement imminently.
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