ABU DHABI, June 16 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.
(Reporting by Stanley Carvalho; Writing by David French;
Editing by Andrew Torchia)