Under-pressure Abraaj breaches debt covenants - sources [Reuters]
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Source: Reuters
Under-pressure Abraaj breaches debt covenants - sources | Reuters 3 Min Read DUBAI, May 20 (Reuters) - Abraaj, the Middle East’s largest private equity house, is in violation of conditions relating to a portion of its debt, said six banking sources, adding to the pressure on a group locked in a dispute with investors. Banks are still keen to support Abraaj but are worried about the outcome of an investigation into the firm’s alleged misuse of investor money and any related regulatory action, including possible fines, some of the sources said. Abraaj has denied any wrongdoing. The sources said Abraaj was in technical breach of certain financial covenants relating to bilateral debt owed to some United Arab Emirates-based banks. Three of the sources said Mashreq was one of the banks involved. Mashreq was not immediately available to comment. Dubai-based Abraaj declined to comment. The sources said although creditors were primarily concerned about the company’s adherence with the conditio
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