Abraaj liquidator is said to consider lower Cerberus offer over Colony bid - The National

Abraaj liquidator is said to consider lower Cerberus offer over Colony bid  - The National:

Abraaj Group’s provisional liquidator prefers a lower offer from Cerberus Capital Management for assets of the embattled Dubai-based private equity firm over a rival bid from Colony Capital, according to people familiar with the matter.

Deloitte, which is managing the provisional liquidation of Abraaj with PricewaterhouseCoopers, currently favors Cerberus and an agreement could be reached in the coming weeks, the people said, who asked not to be identified because negotiations are confidential. Colony Capital’s bid was turned down, the people said.

Progress with the sale talks come as Abraaj founder, Arif Naqvi, reached an interim settlement with a creditor on a $300 million loan, his lawyer and a person close to the creditor said, providing some relief from the personal pressure on him.