
                         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

ABU DHABI TO HELP SETTLE BCCI CLAIMS

The liquidator of the failed Bank of Credit & Commerce International said Thursday it had agreed to a deal under which Abu Dhabi, the bank's majority shareholder, would pay $1.8 billion to help settle claims from hundreds of thousands of depositors and other creditors around the world.

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