Abu Dhabi-Mubasher: Al Jaber Group intends to raise AED 5.2 billion ($1.4 billion) from asset sales by March 2018 under a new debt repayment plan, compared with the AED 2.75 billion proposed earlier.
“Al Jaber will now need to get an additional AED 3.9 billion after already raising 1.3 billion dirhams from previous sales,” according to Bloomberg.
National Bank of Abu Dhabi (NBAD), Abu Dhabi Commercial Bank (ADCB), First Gulf Bank (FGB) and Union National Bank (UNB), which hold about 50% of Al Jaber’s $1.6 billion debt, agreed to the debt plan.
