Abu Dhabi’s Al Jaber Said to Hire Barclays for Unit Sale - Bloomberg:
"Al Jaber Group, a family-owned Abu Dhabi company which restructured its debt in June, is planning a sale of its transportation and lifting unit to help repay loans, two people with knowledge of the matter said.
Al Jaber, whose businesses span construction, engineering and shipping, has hired Barclays Plc (BARC) to find potential suitors for the unit, known as Al Jaber Heavy Lift, the people said, asking not to be identified as the information is private. The unit is worth $500 million to $1 billion, the people said.
Al Jaber is among several businesses in the United Arab Emirates that sought to restructure debt after the global financial crisis in 2008 led to a crash in property prices. The company’s creditors included banks such as HSBC Holdings Plc (HSBA), Royal Bank of Scotland Group Plc and National Bank of Abu Dhabi PJSC. Al Jaber’s total debt was estimated at about $4 billion, a person with knowledge of the matter said in March 2013."
'via Blog this'
No comments:
Post a Comment