Al Jaber Group agrees to $1.5b debt restructuring

Bloomberg

Al Jaber Group agreed with banks to restructure $1.5 billion of debt for a second time, people with knowledge of the plan said.
The group is close to signing a deal with about 20 creditors to push out loan maturities to December 2026, said the people, asking not to be identified because the
information is private.
In return, Al Jaber will seek to raise about AED1.63 billion ($444 million) from asset sales by the end of 2020 and is in the process of hiring sale managers. Members of the Al Jaber family, as well as other shareholders, will also try to raise as much as AED765 million by selling personal assets, according to the people.
Banks have also committed to extending a credit line of about 1.5 billion dirhams to Al Jaber to support project bids. The entire deal is expected to be completed by September after all the banks receive approvals, according to the people. A spokesman for the Al Jaber Group declined to comment.
More than two thirds of proceeds from assets sale will buy back debt at 52 cents to the dollar in auctions from creditors who want an early exit; rest to repay debt at par.
Al Jaber signed an agreement to alter the terms on about $4 billion of debt in June 2014 after about four years of negotiations.