Abraaj Holdings Plans to File for Provisional Liquidation - Bloomberg

Abraaj Holdings Plans to File for Provisional Liquidation - Bloomberg:

"Abraaj Holdings, once one of the developing world’s most influential investors, plans to file for provisional liquidation in the Cayman Islands as early as this week as it battles allegations of misused funds, according to people with knowledge of the matter.

The Dubai-based investment firm plans to file before June 29 when a court hearing of a petition to liquidate Abraaj Holdings by Kuwait’s Public Institution for Social Security is scheduled, the people said, asking not to be identified because the matter is private. No final decisions have been taken on the timing for the filing, the people said.

A court-supervised provisional liquidation would allow Abraaj to restructure debt, negotiate with creditors and sell assets, the people said. It would also allow a moratorium on the holding company’s unsecured claims, they said."



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