Subject to the final order of the court, this ensures that rights of all stakeholders can be protected while the company and liquidators promote restructuring of the company’s obligations, a statement said
PHOTO: EXPRESS
DUBAI: Abraaj Holdings Limited has announced that a court in Cayman Islands on Monday appointed Simon Conway of PricewaterhouseCoopers (PwC) Corporate Finance and Recovery Limited and Michael Jervis and Mohammed Farzadi of PwC as joint provisional liquidators of Abraaj Holdings.
“Subject to the final order of the court, this ensures that rights of all stakeholders can be protected while the company and liquidators promote restructuring of the company’s obligations,” said a statement.
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Simultaneously, the court also heard an application of Abraaj Investment Management Limited that sought appointment of David Soden and Stuart Sybersma of Deloitte as joint provisional liquidators of the fund management business. The court also approved this application.
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“The decisions made by the court enable Abraaj Holdings and Abraaj Investment Management to pursue court-supervised restructuring plans … for the benefit of their respective creditors,” it said.
Published in The Express Tribune, June 20th, 2018.
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