Abraaj seeks standstill deal with creditors

While not all creditors have yet agreed to refrain from action over outstanding debts, media reports suggest that US-based Cerberus Capital Management has offered $125m to acquire the fund management business as part of a debt restructuring plan.

The debt is reportedly north of $1bn and a standstill could freeze its debt for between 90-120 days.

Kuwait's Public Institution for Social Security (PIFSS), an unsecured creditor, filed a case in a Cayman Islands court against Abraaj last week, according to the Wall Street Journal. It claimed it is unable to repay a $100m loan and $7m interest. 

Since earlier this year, the firm has been embroiled in an investor conflict over claims of delays in receiving fund returns. It suspended deployment activities of its private equity funds in February 2018 and founder Arif Naqvi stepped down from his role as CEO.

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• Topics
• GPs
• CEE
• Abraaj Capital