Abraaj seeks ‘standstill’ agreement with creditors over debts:
"Abraaj Group, the embattled Dubai-based investment firm, is seeking a “standstill” agreement from some of its creditors, as it seeks to win time to resolve its increasingly pressing financial problems.The announcement came following a day of negotiations with creditors and investors in the UAE and in London on the future of the private-equity firm, which has been hit by allegations of misuse of funds and an exodus of senior executives. At least one creditor has filed papers to liquidate Abraaj’s holding company, based in the Cayman Islands. A standstill agreement is a deal reached between creditors and a debtor to delay repayment of interest and debts, until a full restructuring can be agreed. Abraaj said in a statement issued late on Monday: “We are pleased with the outcome of today’s meeting and the constructive support we have received from our secured creditors in enabling us to move forward and resolve outstanding issues."
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