U.A.E.'s Jafar Family Said Seeking to Recover Abraaj Loan - Bloomberg

U.A.E.'s Jafar Family Said Seeking to Recover Abraaj Loan - Bloomberg:

"A fund representing the United Arab Emirates’ Jafar family is seeking to recover about $300 million from Abraaj Holdings through a court-run restructuring of the embattled buyout firm, people with knowledge of the matter said.

The family, which owns Sharjah-based Crescent Petroleum Co., mandated Auctus to file a petition in the Cayman Islands last week to start a process that would allow Abraaj to avoid collapse and repay its debt, the people said, asking not to be identified because the matter is private.

Abraaj founder Arif Naqvi borrowed the money from the Jafar’s late last year and defaulted in February, some of the people said. Abraaj declined to comment, while representatives for Crescent Petroleum didn’t respond to requests for comment."



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