Roanoke Times Copyright (c) 1995, Landmark Communications, Inc. DATE: FRIDAY, March 11, 1994 TAG: 9403110202 SECTION: BUSINESS PAGE: A-9 EDITION: METRO SOURCE: DATELINE: LONDON LENGTH: Short
The deal, which is subject to court approval in a number of nations as well as by a creditors' committee, replaces a similar agreement reached last year. That agreement was rejected by a Luxembourg court in October.
The new deal slightly increases the amount of money likely to be recovered by most depositors. The bank's liquidator, the accounting firm of Touche Ross & Company in London, said it had not changed its estimate that creditors would receive 30 to 40 percent of their claims.
In a significant departure from the old deal, the agreement does not require individual creditors to waive their right to pursue further legal action against Abu Dhabi. The waiver requirement had been one key point that caused rejection of the old agreement.
- New York Times
by CNB