Investment Dar's creditor panel resigns following dispute

29 November 2010

Restructuring plan dispute causes Kuwait’s Investment Dar creditor panel to resign

Kuwait’s Investment Dar has announced that the panel representing most of its creditors has resigned after a dispute over a restructuring plan, Reuters has reported. Dar said the coordinating committee of debtors wanted the firm to give up 90 per cent of the company in return for less than half of the debt. “The board will seek in due course to appoint a new coordinating committee and will in the interim communicate directly with banks and investors,” Dar said in a statement. Dar defaulted on a $100m Islamic debt issue last year and said it may sell some assets to meet its obligations.

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