Investment Dar seeks approval for debt restructuring plan

07 December 2009

Kuwaiti company plans to repay $3.5bn over five years

Kuwait’s Investment Dar is seeking approval from creditors for a plan to restructure $3.5bn of debt after holding meeting on a restructuring plan in Kuwait and Dubai on 24 and 25 November respectively.

The company said in a statement that it was asking creditors to give their approval to the plan by 23 December. The restructuring will involve the company paying off all its loans over a five-year period, in addition to giving the creditors security over some of its assets.

At the meetings in late November, the co-ordinating committee which is representing the banks’ creditors, agreed to the restructuring plan. However, the plan must now be approved by the creditors themselves.

Investment Dar defaulted on $100m sukuk in May. It said on 16 November it had reached an agreement with the majority of its creditors on a standstill for all its debt obligations.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications