09 Feb 2011
(MENAFN) Kuwait’s Investment Dar signed a deal with creditors to restructure USD3.58 billion of its debt through giving them a 10 percent stake in the company, reported Arab News.
Dar, which is the owner of 50 percent of luxury carmaker Aston Martin, chose a new creditors committee in December 2010 after the old one decided to quit.
The company said that the agreement includes full repayment of debt with profit over a period between 6 to 8 years.
It is worth noting that the global financial crisis in 2009 had strongly affected the investment company, which had been trying to restructure its huge debt ever since.
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