Dubai – Mubasher: The Emirati tycoons Jafar family, owners of Crescent Petroleum Company (CPC), are planning to recover $300 million from Abraaj Group Holdings through a fund affiliate to the family.

Jafars are seeking to attain that end by a court-run restructuring, informed sources told Bloomberg.

Last week, owners of CPC mandated Auctus Fund to file a petition in the Cayman Islands, which could initiate a process that may enable Abraaj to repay its debt, they added.

Auctus requested the appointment of court-approved professionals in the Cayman Islands in order to manage the restructuring of Abraaj’s liabilities, Bloomberg revealed.

Some sources told the international news corporation that Abraaj founder Arif Naqvi borrowed the money from the family last year and defaulted in February.

Abraaj declined to give any comment on the matter.

Earlier in June, Abraaj unveiled plans for liquidation, as a response to a group of liquidation petitions followed allegations about money misusage in the company.