UAE's Al Jaber Group agrees to $1.6 billion debt restructuring: sources | Reuters:
Abu Dhabi-based Al Jaber Group has agreed restructuring terms for 5.9 billion dirhams ($1.61 billion) in debt, sources familiar with the matter said, potentially ending a long-running dispute with its creditors.
Under the deal likely to be implemented by the end of March, Al Jaber will reduce debt throught asset sales and a discounted debt buyback mechanism. It will also appoint a new board.
The company did not immediately respond to a request for comment.
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