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FINANCIAL NEWS
Kuwait’s Global fails to persuade 3 creditors for debt plan delay
14 Nov 2012
(MENAFN) Kuwaiti investment firm Global Investment House (Global) said it had failed to convince a handful of creditors to accept a proposal for a second debt restructuring in three years, Reuters reported.
Global said it won the approval of 95 percent of its creditors for the USD1.7 billion debt restructuring plan. However three creditors failed to back the proposed plan, Global added, and it was looking at legal options to seal the deal.
Debt restructurings in Kuwait have to secure unanimous backing from creditors unless the negotiations are covered by the country’s Financial Stability Law, which contains provisions to sidestep dissenters if a vast majority agree to a proposal.
Under the plan, Global said it would offer USD433 million of new shares to creditors.
Global is scheduled to meet bondholders, who are due USD335.89 million split between two issues and who also agreed to a repayment delay to allow for debt talks, according to a London Stock Exchange statement filed last week.
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