U.A.E.'s Al Jaber Agrees to Second Restructuring of $1.5 Billion - Bloomberg:
Al Jaber Group, a family-owned business in Abu Dhabi, agreed with banks to restructure $1.5 billion of debt for a second time after sluggish economic growth hurt cash flow, people with knowledge of the plan said.
The group is close to signing a deal with about 20 creditors to push out loan maturities to December 2026, said the people, asking not to be identified because the information is private.
In return, Al Jaber will seek to raise about 1.63 billion dirhams ($444 million) from asset sales by the end of 2020 and is in the process of hiring sale managers. Members of the Al Jaber family, as well as other shareholders, will also try to raise as much as 765 million dirhams by selling personal assets, according to the people.
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