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UAE-based Noor Bank to switch Abraaj debt for stakes in the firm's funds

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UAE-based Noor Bank to switch Abraaj debt for stakes in the firm's funds

A Cayman Islands court awarded United Arab Emirates-based Noor Bank PJSC — which loaned $100 million to Abraaj Group Ltd. before it collapsed — the right to swap the debt for stakes in Abraaj's funds that were pledged against the loan, sources told Bloomberg News on Jan. 3.

It will own stakes in the funds along with other investors and limited partners, the report said.

Abraaj is going through provisional liquidation in the Cayman Islands after the firm was found to have borrowed money from some of its funds to pay for operating expenses without investors' consent.