Abraaj expands role of Houlihan Lokey as creditors circle -sources | Reuters:
"Abraaj has expanded U.S. investment bank Houlihan Lokey’s role to include advice on the sale of its investment management unit as the private equity firm prepares to meet creditors over its $1 billion debt, sources familiar with the matter said. Dubai-based Abraaj has hired the New York-based bank to help it try to stem the fallout from allegations it had misused investor money in a $1 billion healthcare fund, but the role has since been widened to providing general advice, including the sale of Abraaj Investment Management Ltd, two sources said. The Middle East and Africa’s biggest private equity fund, which denies any wrongdoing, has been seeking a buyer for the unit as it tries to alleviate pressure from investors and creditors. Parent company Abraaj Holdings has been in talks with two to three potential buyers of Abraaj Investment, Reuters reported last month, including Los Angeles-based Colony Northstar. Colony declined to comment on reports it had walked away from the talks."
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