June 4, 2018 / 6:55 AM / a year ago

Abraaj to meet lenders, shareholders Monday to discuss restructuring

DUBAI, June 4 (Reuters) - Dubai-based Abraaj said it will meet lenders, shareholders and other invited parties on Monday to discuss the restructuring of the private equity firm.

Reuters reported on Sunday that Abraaj had expanded U.S. investment bank Houlihan Lokey’s role to include advising on the sale of its investment management unit.

Abraaj is facing an investigation by four investors, including the Bill & Melinda Gates Foundation and the World Bank’s lending arm - the International Finance Corporation - over how the firm used some of their money in a $1 billion healthcare fund.

In its latest statement, Abraaj said the group’s stakeholders will be updated by senior management, including Chief Executive Arif Naqvi, and its advisers, on the progress of discussions with potential acquirers of Abraaj Investment Management Ltd and other matters, which it said, have been the subject of considerable media speculation.

“The purpose of the meeting is to maintain a constructive dialogue with the group’s creditors and make further orderly progress, in the interests of all stakeholders, towards a consensual resolution of all outstanding issues,” it said. (Reporting by Saeed Azhar; editing by Jason Neely)

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