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JBF RAK, the United Arab Emirates subsidiary of Indian polyester maker JBF Industries, has reportedly called in AlixPartners, as it grapples with coming up with a solution to re-negotiate more than 2 billion dirhams ($545 million) in debt. A sudden turnaround plan is needed after the business fell into serious financial problems in June of this year. At this time, BF RAK ceased production of polyethylene terephthalate resin (used as a raw material for making packaging materials such as bottles and containers), at its plant in the emirate of Ras Al Khaimah, after the company experienced a shortage of working capital. Plans now on the table include selling its plant in Belgium for up to 250 million euros ($298 million) in an effort to settle part of its debt. On the banks’ side, PwC has been called in, while JBF RAK has hired AlixPartners.

jbf industries

Peter Crush for

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