Al Jaber Group negotiates changing debt terms

19 Dec 2010

(MENAFN) Al Jaber Group in Abu Dhabi said a statement that it is currently negotiating lenders for changing the company’s debt terms, reported Bloombrg.

The statement also said that the company was unable to secure enough work to cover its credit; especially that it currently has $4.4 billion in projects.

The statement said that Al Jaber will probably reach an arrangement with its lenders in the coming year. The group owes at least $1.1 billion in loans maturing over the next four years. It also owns assets worth more than $5 billion.

It is worth noting that other construction companies in the UAE have been struggling as payments were delayed when banks restricted giving loans for real-estate projects after the global financial crisis. To add to the problem, many buyers defaulted on purchases of properties sold before building began.

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