Kuwait's Zain pays off majority of its debts

16 October 2010

Kuwaiti phone company Zain has paid the majority of its debts and wants to restructure the remainder

Kuwaiti phone company Zain has paid the majority of its debts and wants to restructure the remainder, according to its Chief Operating Officer Barrak Al- Sabeeh, Bloomberg has reported. “We have paid off most of our debts, what remains is a small amount with high interest,” Al-Sabeeh told said. “We want to restructure these debts with lower interest.” The company has announced last month it was considering options for a revolving credit facility of $1.5bn to refinance existing debts at lower rates.

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