Aayan signs USD744m debt restructuring deal

23 May 2011

(MENAFN) Aayan Leasing and Investment Company stated that it inked an USD743.6 million debt restructuring deal with creditors, reported Arabian Business.

The company also said that 9 creditors agreed by the deal to cancel 10 percent of the total amount owed by the Islamic firm. It pointed out that the USD743.6 equaled 62 percent of Ayan’s debts.

Another part of the deal stated that Ayan would pay USD184.4 million of the debt and 15 percent of the debt would be transferred to shares in the company.

It is worth noting that Kuwait-based Ayan is an Islamic financing company which conducts several activities in the sectors of leasing and finance, investment and real estate sector, based on Islamic Shari’a.

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