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