Payment to be made before end of October
Kuwaiti company The Investment Dar (TID) will be making its first payment to investors two months ahead of schedule to restructure its $5bn-worth of debt.
The implementation of the plan, which incorporates full repayment for all TID’s banks and investors, began on the 30 June 2011. The debt restructure plans includes giving creditors a 10 per cent stake in TID.
“The decision to make this first payment well in advance of the deadline set out in the court-approved restructuring plan is in line with our objective of ensuring the plan’s effective delivery,” says Adnan al-Musallam, chairman of The Investment Dar.
You might also like...
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.