Abu Dhabi-based Al Jaber Group is in the final stages of talks with creditors to restructure 16.5 billion dirhams ($4.5 billion) of debt, the National newspaper reported, citing people familiar with the talks.
Liabilities of the holding company, which has interests in construction, include between 7 billion dirhams and 7.5 billion dirhams of bank loans and overdrafts, and 8 billion dirhams of performance bonds and guarantees, the Abu Dhabi-based newspaper said. The company, which has assets of 18 billion dirhams, will sell 60 percent of its defense business, Al Jaber Land Systems, to Abu Dhabi defense group Tawazun Holding, the newspaper said.
Al Jaber declined to comment on the talks, according to a spokesman who asked not to be named in line with company policy.
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