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Kuwait- Global Investment’s USD337m debt restructuring Okayed

26 Nov 2012

(MENAFN) Kuwaiti Global Investment House (Global) announced that it has won the approval to restructure two bonds worth USD337 million, reported Gulf Daily News.

The firm, whose major shareholders include the governments of Kuwait and Dubai, said that as part of its second debt overhaul in 3 years, creditors have okayed the restructuring of a USD159 million bond maturing in 2012, and a USD176.74 million bond maturing next year.

The company managed to lessen its losses slightly to USD52.8 million in the three months to September 30, from USD54.78 million in last year’s same period.

In September, Global’s shareholders endorsed a debt plan to create new special purpose vehicles that will carry the firm’s debt as part of the group’s USD1.7 billion debt restructuring.

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