Cerberus Capital Management offered $125m to acquire the private-equity business of embattled Abraaj Group of Dubai, people familiar with the matter said, amid a fight with creditors over Abraaj’s debt-restructuring plan, The Wall Street Journal reports.

Abraaj’s executives are pinning their hopes on the Cerberus bid to bring stability while it works out financial obligations with creditors spooked by questions raised about its financial practices. Once one of the top private-equity players in the Middle East’s nascent financial community, Abraaj has lost much of its senior leadership and has closed funds this year during a dispute with investors, including the Bill and Melinda Gates Foundation, a unit of the World Bank and Kuwait’s national pension fund.