Abraaj reassures banks on liquidity concerns | GulfNews.com:
"Abraaj Group told creditors the sale of a stake in its fund-management unit and its Pakistani utility will help resolve potential liquidity issues, according to people with knowledge of the matter.
The Dubai-based firm, roiled by allegations of misused funds, last week met banks, including Societe Generale SA and Mashreqbank that have the biggest exposure, the people said, asking not to be identified because the meeting wasn’t public. Abraaj told lenders it’s close to finding a buyer for the asset-management stake and will soon complete the disposal of its holding in K-Electric Ltd, they said.
Abraaj raised a loan from Mashreqbank pledging the proceeds from the K-Electric sale, one of the people said. Abraaj declined to comment, while Societe Generale and Mashreqbank didn’t immediately respond to requests for comment."
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