First Abu Dhabi Bank (FAB) has started an auction process for a Dubai hotel oper...
) has started an auction process for a Dubai hotel operated by Shangri-La and owned by indebted construction group Al Jaber with a starting price of 700 million dirhams , two sources said.
The auction by First Abu Dhabi Bank, which is the main lender for the Shangri-La hotel, marks a first step by creditors to recover funds after delays to a restructuring agreement for 5.9 billion dirhams of debt last year, one of the sources said. Creditors – which include hedge funds and Abu Dhabi lender Abu Dhabi Commercial Bank – have started an enforcement process against the group’s shareholders for a loan Al Jaber’s chairman owes to the business, and which creditors have security over, the sources said.
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