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Kuwaiti creditor rejects debt settlement agreement with Abraaj
(MENAFN) The sources revealed a Kuwaiti creditor to have rejected given support to a debt settlement agreement with Abraaj.
Kuwait's Public Institution for Social Security (PIFSS) has refused the deal which could encourage the private equity company to look for provisional liquidation.
Speaking to Reuters, the sources suggested that the refusal to agree to a debt freeze might impose challenges to Abraaj's efforts to sell its investment management unit to New York's Cerberus Capital Management.
In its statement to Reuters, Abraaj confirmed that it was continuing to engage closely with a creditor "to reach a consensual outcome for the benefit of all parties."
Kuwait's Public Institution for Social Security (PIFSS) has refused the deal which could encourage the private equity company to look for provisional liquidation.
Speaking to Reuters, the sources suggested that the refusal to agree to a debt freeze might impose challenges to Abraaj's efforts to sell its investment management unit to New York's Cerberus Capital Management.
In its statement to Reuters, Abraaj confirmed that it was continuing to engage closely with a creditor "to reach a consensual outcome for the benefit of all parties."
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