Al Jaber Group yesterday held talks with its banks over a debt standstill agreement as the family conglomerate, based in Abu Dhabi, seeks to delay repayments as part of a wider restructuring of the group.
At a meeting in Abu Dhabi, Al Jaber Group, which has interests in property, manufacturing and aviation, submitted a draft standstill agreement and a business proposal to banks involved in its debt restructuring talks, said one person close to the company who asked not to be identified.
'We're at a very early stage,' the source said. 'But it's the first time all of the creditors have sat down together.'
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