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FINANCIAL NEWS
UAE Al Jaber Group misses debt payment at USD 4.5bn
06 Apr 2016
(MENAFN) Al Jaber Group missed a repayment on its USD 4.5bn restructuring, in addition to pressure on the Abu Dhabi-based conglomerate to secure new debt deal.
However, the debt restructuring failed to resolve its problems and the firms and its creditors face another round of negotiations.
Additionally, two sources proclaimed Al Jaber had requested a halt to repayments so that new terms could be discussed.
The firm began to negotiate to take advantage of cheap liquidity in the UAE banking system.
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