FINANCIAL NEWS

Investment Dar sets debt restructure plan

21 Mar 2011

(MENAFN) Kuwait-based Investment Dar Co stated that a restructuring plan was neared by its management and the coordinating committee that represents its creditors, reported Arabian Business.

The company also said that the new plan outlines the mechanics of restructuring and is still subject to approvals of Kuwaiti court.

The company added that restructuring includes debt amounting to USD 3.6 billion that the company owes to over a hundred different creditors including both commercial banks and investors.

It is worth noting that Investment Dar sought legal protection under a restructuring model after it had missed a hundred million US dollar payment for Islamic bonds back in May of 2009.

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