Creditors of UAE's Al Jaber Consider Enforcing Debt Claims

Creditors of Abu Dhabi-based Al Jaber Group are considering enforcing claims against the owners of the group after delays in executing a restructuring agreement, the latest in a long-running debt dispute, two sources familiar with the matter said. Al Jaber, best known as a contractor but with interests across a range of sectors, has struggled since a construction downturn in the United Arab Emirates after the global financial crisis, Reuters reported. The group agreed late last year restructuring terms for 5.9 billion dirhams ($1.6 billion) of debt, in a deal that would have seen the company reduce its obligations through asset sales and a debt buyback mechanism with a 52% discount. Read more