Abu Dhabi's Al Jaber Group signs debt restructuring

Family-owned group with operations in aviation, construction and retailing, had been in talks with bank creditors to renegotiate its obligations since 2011

Al Jaber chief operating officer Fatima Al Jaber said financing was 'tough'. (ITP Images)

Al Jaber chief operating officer Fatima Al Jaber said financing was 'tough'. (ITP Images)

Abu Dhabi-based conglomerate Al Jaber Group has signed a debt restructuring deal with its bank creditors, the conglomerate said on Monday, ending years of talks over its debt pile.

Al Jaber, a family-owned group with operations in aviation, construction and retailing, had been in talks with bank creditors to renegotiate its obligations since 2011.

No figure for the amount of debt renegotiated was given in the statement, but bankers had previously said it was in the region of $4.5 billion.

"This is a great milestone for both the group and the banks," Obaid Khaleefa Al Jaber Al Marri, chairman of Al Jaber Group, said in the statement.

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