Abu Dhabi’s Al Jaber Group Signs Debt Restructuring Agreement - Bloomberg:
"Al Jaber Group, a family-owned industrial business in Abu Dhabi, signed a final agreement with banks to restructure debt.
The company, whose business spans construction, engineering and shipping, signed all the documents to complete the deal, according to an e-mailed statement today. Total debt was estimated at about 15 billion dirhams ($4 billion), which includes about 7.5 billion dirhams of loans and overdrafts, a person with knowledge of the matter said in March 2013, who asked not to be identified because the information is private.
Al Jaber is one of several businesses in the United Arab Emirates that sought to restructure loans after the global credit crisis in 2008 led to a crash in property prices. The Abu Dhabi-based company reached a preliminary agreement with its main lenders in March 2013 that included a five-year repayment plan, two people familiar with the matter said at the time."
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