Dubai's Noor Bank wins right to swap Abraaj debt for fund stakes

Skyscrapers stand in Dubai. Photographer: Christopher Pike/Bloomberg

Noor Bank PJSC, which provided a $100 million loan to the collapsed Abraaj Group, won the right to swap the debt for stakes in some of the Dubai-based buyout firm’s funds, according to people with knowledge of the matter.

Privately-held Noor Bank won approval from a court in the Cayman Islands, where Abraaj is undergoing a supervised restructuring, to take ownership of stakes in the funds that were pledged against the loan, the people said, asking not to be identified because the process is private.

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