Kuwait’s Noor Financial Investment Company is in talks with its banks to restructure its debts in the latest sign that the country’s investment companies are still struggling with the impact of the financial crisis.

The company has agreed with the local Gulf Bank to extend a KD62.5m ($229m) loan that had been due last year until 2017. The bank owes a further KD155m to five other banks and is already in talks to extend these loans.

Noor is the latest in a string of Kuwaiti firms to be forced into rescheduling its debts, following The Investment Dar, which finally reached a restructuring deal for about $3.6bn in March; and Global Investment House, which restructured $1.7bn in late 2009 (MEED 13:6:11).