Kuwait’s Investment Dar has signed an agreement with its lenders for them to suspend their individual claims on the company while it restructures its $3.45bn of debts.

Investment Dar has agreed to appoint a restructuring officer to lead the process and asked all its lenders to outline the size and nature of all their claims against it.

“This standstill agreement is an important step that will assist us in formulating the consensual restructuring plan expeditiously,” says Adnan al-Musallam, chief executive, Investment Dar.

Kuwait’s Noor Investment had already tried to take Investment Dar to court demanding the repayment of a loan of an unspecified amount.

Investment Dar said in May that it had defaulted on a $100m sukuk while it restructures its debts.