Abu Dhabi conglomerate Al Jaber Group is close to a standstill agreement on its $1-billion plus debt restructuring of debt, with more than 90 percent of lenders agreeing to the move, two sources said on Wednesday.
Al Jaber, a family-owned group with operations in construction, aviation and retail, set up a creditor committee
last year to negotiate the restructuring.
It has not given a figure for its debt pile, believed to be more than $1 billion.
A standstill on repaying the debt is seen as a vital step in the negotiating process, allowing Al Jaber to propose new terms for the facilities under discussion without the threat of legal action being launched against it by creditors.
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