Grappling with debt, UAE's JBF RAK in talks to sell Belgian plant: sources:
"JBF RAK, a United Arab Emirates subsidiary of Indian polyester maker JBF Industries, is in talks to sell its plant in Belgium for up to 250 million euros ($298 million) in an effort to settle part of its debt, sources familiar with the matter said.
The sale is one of a number of moves under discussion between the company and banks as JBF RAK seeks to re-negotiate around 2 billion dirhams ($545 million) in debt and turnaround its fortunes after it fell into financial problems earlier in the summer.
Banks have hired PricewaterhouseCoopers (PwC) to represent their interests, while JBF RAK has hired AlixPartners, said the sources. The advisers are working together to come up with a strategy for the company’s future including examining the amount of debt it owes, as well as proposals on potential asset sales and a restructuring of management."
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