June 4, 2018 / 6:21 PM / 3 months ago

Abraaj says secured creditors expected to imminently conclude standstill on debt obligations

DUBAI, June 4 (Reuters) - Dubai-based private equity firm Abraaj said on Monday its secured creditors are expected to “imminently conclude” a standstill on its debt obligations.

The standstill will provide Abraaj the ability to meet its obligations in an “orderly fashion”, it said in a statement after meeting with lenders, shareholders and other parties to discuss the restructuring of the firm.

Abraaj is facing an investigation by some of its 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. Abraaj has denied any wrongdoing. (Reporting by Saeed Azhar, Tom Arnold and Davide Barbuscia; Editing by Ghaida Ghantous)

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