New Finablr Owners Hire Moelis and Pledge to Reopen UAE Exchange - Bloomberg
The consortium that bought Finablr Plc has hired U.S. investment bank Moelis & Co. to restructure the scandal-plagued payments firm, calling it a step toward re-opening its foreign-exchange branches in the United Arab Emirates.
Prism Group AG and Abu Dhabi’s Royal Strategic Partners, which acquired Finablr for $1 in December last year, said Moelis will advise on the “restructuring and transformation” of Finablr and its subsidiaries, as well as help putting together a capital structure proposal that will be presented to the group’s creditors in the coming weeks.
Moelis’s appointment will “lead to the swift re-opening of UAE Exchange, the Abu Dhabi-based remittance house, whose branches have been closed since March 2020,” according to a statement Sunday from Prism and Royal Strategic Partners.
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