North Africa/Middle East

Results for North Africa/Middle East

Abraaj Launches Restructuring Plan as Court Appoints Liquidators

Abraaj said a Cayman Court appointed provisional liquidators, allowing the troubled private equity group to launch a court-supervised restructuring plan, the Financial Times reported. The Dubai-based firm in a statement on Tuesday said a court order ...

Daily Headline - global.abi.org - 06/19/2018 - 21:53 - 0 comments

Abraaj Gets $50 Million Abu Dhabi Bid for Investment Management Business

In a related story, Reuters reported that an Abu Dhabi Financial Group company has made a conditional $50 million offer to buy private equity firm Abraaj’s investment management business, a document reviewed by Reuters shows. Abu Dhabi Capital Management ...

Daily Headline - global.abi.org - 06/19/2018 - 21:53 - 0 comments

Air Arabia Says Working to Protect Its Investment in Abraaj

Dubai-listed Air Arabia said on Monday it has an investment in Abraaj funds, without elaborating further on its exposure to the private equity group which last week filed an application for provisional liquidation, Reuters reported. Abraaj’s founder Arif ...

Daily Headline - global.abi.org - 06/18/2018 - 21:24 - 0 comments

Bahrain’s Credit Default Swaps Surpass 2016 Peak When Oil Cost $30 Per Barrel

The cost of insuring Bahrain’s sovereign debt against default is at an historical high, amid continuing concerns over the country’s ability to tap international markets to stave off a potential financial crisis, Reuters reported. Bahrain’s credit default ...

Daily Headline - global.abi.org - 06/18/2018 - 21:49 - 0 comments

Abraaj Files for Provisional Liquidation in Cayman Islands

Abraaj, the Middle East’s biggest private equity firm, has filed a petition in the Cayman Islands, asking the court to appoint PwC as provisional liquidators for the embattled company, Reuters reported. “The appointment of provisional liquidators imposes ...

Daily Headline - global.abi.org - 06/15/2018 - 00:26 - 0 comments

UAE Businessman Transferred Debt to Fund Suing Abraaj

In a related story, Reuters reported that a family involved with Abraaj handed over debt exposure to the private equity firm to a little-known fund that has now filed a petition against Abraaj, deepening its financial woes, sources said. An adviser to th ...

Daily Headline - global.abi.org - 06/15/2018 - 00:27 - 0 comments

Creditor Starts Legal Proceedings for Abraaj Restructuring

A creditor of Dubai-based Abraaj has started legal proceedings in the Cayman Islands seeking the restructuring of the private equity firm’s liabilities, Reuters reported. Auctus is the second creditor, after Kuwait’s Public Institution for Social Securit ...

Daily Headline - global.abi.org - 06/12/2018 - 23:40 - 0 comments

Abraaj Pushed to Restructure $1 Billion Debt

A large creditor of Abraaj Group wants a Cayman Islands court to oversee the debt restructuring of the private-equity firm, adding more legal pressure on a once-rising star of the Middle East investment world, The Wall Street Journal reported. In doc ...

Daily Headline - global.abi.org - 06/12/2018 - 00:00 - 0 comments

Abraaj Audit Finds Funds Mingled Corporate and Investor Cash

Abraaj dipped into investor funds because of cash shortages at the group, but there is no evidence of embezzlement, a forensic review of two funds at the struggling private equity firm by Deloitte has found, the Financial Times reported. The emerging ...

Daily Headline - global.abi.org - 06/10/2018 - 22:07 - 0 comments

Abraaj Creditor Seeks Embattled Dubai PE Firm's Liquidation

Kuwait’s Public Institution for Social Security is seeking the liquidation of Abraaj Holdings as creditors step up pressure on the Dubai-based buyout firm that’s facing allegations of misused funds, Bloomberg News reported. The fund filed a petition in t ...

Daily Headline - global.abi.org - 06/08/2018 - 00:04 - 0 comments

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