FINANCIAL NEWS

Kuwait’s Global wins approval to delay debt repayment

12 Jun 2012

(MENAFN) Kuwaiti private equity firm Global Investment House (Global) got the green light from lenders to delay a debt repayment due in June, Reuters reported.

The approval to delay the repayment of principal and interest to November came days after bondholders also agreed to extend a USD338.4 million repayment to December from June.

The company, which is working on its second debt restructuring in three years, said in a statement that it has the option to delay both sets of payments to banks for an additional month to December 10 at the discretion of lenders.

The company also said that the accord allows it and its debt holders to continue their efforts to seek a long term solution to the company’s capital structure.

Global, hard hit by the global financial crisis, asked bank creditors in September to suspend payments on a USD1.7 billion plan agreed in 2009.

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