The move comes after Noor Bank, which lent Abraaj around $100 million, recently got the go-ahead from the same court to take control of parts of funds pledged against its loan, two of the sources said. Abraaj nears out-of-court settlement: lawyerThey added that other investors requested that Noor agree not to sell its newly acquired stakes on to Abraaj founder Arif Naqvi or his associates. “These are consensual deals that were initiated by the joint provisional liquidators to help maintain the value of the assets and ensure value for creditors,” said a third source, who spoke on condition of anonymity. Neither CBD nor Noor Bank responded to a request for comment. Abraaj Holdings and Abraaj Investment Management filed for provisional liquidation in the Cayman Islands in June and their court-appointed joint provisional liquidators, Deloitte and PwC, are overseeing the restructuring of Abraaj’s debt.

Source: The Express Tribune January 08, 2019 17:03 UTC