Market Chatter: Barclays, Bank of Baroda Among Creditors Seeking $1 Billion From UAE Exchange

MT Newswires Live10-23

Barclays (BCS), Bank of Baroda and other creditors are seeking to recover debts from collapsed remittance provider UAE Exchange, which has an estimated $1.03 billion deficit in net assets, Bloomberg reported Friday.

Thirty-six creditors have filed claims in the company's bankruptcy proceedings, including Abu Dhabi Commercial Bank and London-based hedge fund Fidera, the report said.

A Dubai appeals court upheld UAE Exchange's bankruptcy proceedings on Wednesday, Bloomberg reported, adding the process will determine how much creditors can recover.

UAE Exchange, once one of the largest businesses of former UK fintech group Finablr, halted transactions in March 2020 amid a cash shortage at the group, which followed a crisis at hospital operator NMC Health, the report said.

Barclays, Fidera and the UAE Exchange did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment