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Investment Dar submits financial protection application

14 March 2010

Kuwaiti sovereign wealth fund, Investment Dar Co, has submitted an application to the country's Special Circuit Court of Appeal for legal protection under the country's Financial Stability Law to implement a restructuring plan, Bloomberg has reported. Dar is not seeking financial support in making its repayments "but a legal framework" to implement the plan, the company said. While more 80% of the firm's banks and investors agreed to terms of the restructuring plan, "a small minority of investors have continued to resist supporting the plan, which if implemented, envisages a full repayment by Investment Dar of its financial arrangements to all of its banks and investors," Dar said.

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