Abu Dhabi’s Al Jaber appoints Chief Restructuring Officer

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 Reuters

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)