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Abraaj seeks court-supervised restructuring as it battles creditors

Bloomberg/ 15 Jun 18 | 12:53 AM

Arif Naqvi, Founder of Abraaj Group

Abraaj Holdings, once one of the developing world’s most influential investors, filed for a court-supervised restructuring as it battles allegations of misused funds.

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The buyout firm made the filing in the Cayman Islands to protect the rights of its stak holders and restructure its debt, according to an emailed statement.

The filing seeks to appoint Price Waterhouse Coopers as the provisional liquidator, which will impose a moratorium on all unsecured claims.

ALSO READ: Abraaj founder Arif Naqvi scrambles as empire teeters

The filing “will create a more controlled basis for moving forward, without impacting the day-to-day management of the funds and the underlying portfolio businesses," founder Arif Naqvi said in the statement.

“The process of court supervised restructuring will take a few months.

I will continue to support this orderly process and help ensure the best possible outcomes for all the stakeholders."       

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