Mike Grant will be leading the company’s latest move to further along their debt reorganization, according to spokesmen for the company.
Grant is a veteran of restructuring at several Middle East-based companies, including the Kuwait firm of Investment Dar and Eurotunnel. This move by Al Jaber is an attempt to forge an agreement between the company and its creditors.
“The group confirms that it is continuing to move forward with its plans to reschedule its borrowings,” a company spokesman said. “As part of this process the group announces the appointment of Mr Mike Grant of The Aaronite Partnership LLP as chief restructuring officer to the group.”
Al Jaber has never publicly released the amount of debt it is restructuring, however last year they had a difficult time raising funds for $4.35 billion in projects.