Creditors take action against UAE's Al Jaber in decade-long saga | Reuters:
Creditors have started to enforce claims against Abu Dhabi-based Al Jaber Group, in a dispute triggered by a construction downturn in the United Arab Emirates more than a decade ago.
Al Jaber, a contractor with interests across a range of sectors, has struggled since building up debt in the wake of a UAE real estate crisis and began talks with creditors in 2011.
Abu Dhabi Commercial Bank ADCB.AD, which is working as restructuring and security agent, said in a document dated Sept. 21 which was seen by Reuters, that it had instructions from the majority of creditors to proceed with claims against Al Jaber.
A representative for Al Jaber did not immediately respond to a request or comment. ADCB declined to comment.
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