Dubai Bank Said to Win Right to Swap Abraaj Debt for Fund Stakes - Bloomberg:
Noor Bank PJSC, which provided a $100 million loan to the collapsed Abraaj Group, won the right to swap the debt for stakes in some of the Dubai-based buyout firm’s funds, according to people with knowledge of the matter.
Privately-held Noor Bank won approval from a court in the Cayman Islands, where Abraaj is undergoing a supervised restructuring, to take ownership of stakes in the funds that were pledged against the loan, the people said, asking not to be identified because the process is private.
Noor Bank will hold the stakes alongside other investors and limited partners, the people said. The lender may eventually be able to recover more than it lent to Abraaj when the assets in the funds are sold, one of the people said.
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