Creditors to Abu Dhabi’s Al Jaber Group rejected a proposal by the family-owned business to sell minor assets to restart interest payments and plug a shortfall in working capital as it restructures USD1.6 billion of debt. Banks at a meeting with the company on Tuesday said that the proceeds from the assets won’t be enough to meet its debt obligations in the long term and are requesting that the Al Jaber family inject new equity into the company and sell some personal assets to cover the debt. Al Jaber, whose businesses span construction, engineering and shipping, is among several businesses in the United Arab Emirates that sought to restructure debt after the global financial crisis in 2008. (Bloomberg)