LUXEMBOURG -- An appeal by three depositors against the compensation plan for the failed Bank of Credit and Commerce International was adjourned until later this month, and lawyers said a decision was likely by mid-July.
The compensation plan, held up by the legal dispute over its size, calls for a $1.7 billion cash injection from Abu Dhabi, BCCI's main shareholder. Liquidators estimate that with the sale of the bank's assets, creditors will recover 30% to 40% of the $9.25 billion lost when BCCI was closed.
The plan has won approval of British and Cayman Islands authorities, and Luxembourg provides the last chance for the three dissident creditors - Hal Skolnick, Adil Elias, Assilaos Artiki.
