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.