NEW YORK, Nov. 5, 2014 /PRNewswire/ -- RA Holding Corp. ("RA Holding" or the "Company") announced today that it entered into an agreement pursuant to which the Company's stake in Lusail Golf Development ("Lusail") would be sold to a subsidiary of Barwa Real Estate Company Q.S.C. ("Barwa"). A representative of RA Holding stated: "The Company is pleased to have signed the transaction with Barwa, its existing joint venture partner. The Company expects to receive net proceeds of approximately $365,000,000 (after payment of all fees and senior obligations)."
The transaction is expected to complete prior to December 31, 2014.
The Company was represented by Milbank, Tweed, Hadley & McCloy LLP and Arab Law Bureau LLP.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER TO PURCHASE OR A SOLICITATION OF AN OFFER TO SELL ANY SECURITIES
About RA Holding Corp.
RA Holding Corp. is the top-level holding company in the group created pursuant to the plan of reorganization of Arcapita Bank B.S.C.(c) and certain of its affiliates under chapter 11 of the United States Bankruptcy Code.
Contact: Allan Ripp
Tel: +1 212-262-7477 Fax: +1 212-262-7478 E-Mail: Aripp@rippmedia.com
SOURCE RA Holding Corp.