We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

Latest News

Abu Dhabi’s Al Jaber appoints Chief Restructuring Officer

Mike Grant announced as new CRO; Al Jaber continues to move forward with rescheduling of debt - statement


November 21, 2011 1:25 by

Abu Dhabi’s Al Jaber Group, in talks to restructure more than $1 billion in debt, appointed Mike Grant as its chief restructuring officer (CRO), the company said on Monday.

The privately-owned firm said in a statement the new CRO will work with lenders and management on matters related to the rescheduling of its financial debt.

Grant, who is a partner at restructuring firm Aaronite, has previously led projects in the region and was CRO at Kuwait’s The Investment Dar, restructuring $3.6 billion.

Grant has also worked at senior positions in Eurotunnel and Railtrack and according to his profile on Aaronite’s website.

Al Jaber is one of the most prominent family-owned private sector firms in Abu Dhabi, where the acknowledgment of financial difficulties has been minimal, in contrast to neighbouring Dubai, under the spotlight for its debt woes since late 2009.

The contractor said in the statement it continues to move forward with plans to reschedule its borrowings.

“The CRO will work with the Reorganisation and Steering Committee and its advisers, group management and the Co-ordinating Committee of creditor banks (‘CoCom’) on all matters related to the rescheduling of the group’s financial indebtedness,” the company statement said.

Al Jaber said in June it was nearing a standstill agreement with core lenders, though sources told Reuters a final deal was still far off. (Reporting by Praveen Menon; Editing by David Holmes)


Tags: , , , , , , ,

Leave a Comment