Investment Dar to repay USD3.5b to creditors

16 Jun 2011

(MENAFN) Investment Dar, the Kuwaiti company, said that it would repay over USD3.5 billion to creditors since it gained the court’s approval to execute its eight and a half year restructuring plan, reported Emirates 24/7.

The company added that in the first year of its debt restructuring plan, it would pay around USD298.7 million to individuals and small non-financial firms, adding that in the second, third, fourth and fifth years it would pay fix payments to the rest of the banks and investors, whereas the final payment would be paid before the end of June 2017.

It also said that early in 2011, Dar proposed asset sales of about USD1.69 billion over three years to creditors to restructure its debt pile.

It is worth noting that Dar will stay subject to several commercial restrictions given by the court which include a freeze on dividends to shareholders on new investments and on taking new indebtedness during the restructuring plan duration.

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