CBD to take control of Abraaj assets secured against loan
Commercial Bank of Dubai (CBD), which lent cUSD170mn to Abraaj, will take stakes in the troubled private equity firm’s funds, which were offered as security against the debt, three sources familiar with the matter said. Stakes in Abraaj’s Infrastructure and Growth Capital Fund as well as its funds focused on Turkey, Latin America, North Africa, Africa and health, were held as security against CBD’s loans, a joint provisional liquidators’ report from July shows. A court in the Cayman Islands is expected to grant approval to swap the debt held by CBD in the coming weeks. The move comes after Noor Bank, which lent Abraaj cUSD100mn, 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.
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