Kuwait's Investment Dar said on Sunday that a Kuwaiti court had rejected the company's appeal against a ruling to lift protection it had against legal action by creditors.
The company, which holds a stake in luxury carmake
Kuwait Finance House (KFH), the Gulf state's largest sharia-compliant bank by assets, said it had rejected a debt-for-assets deal proposed to creditors by Investment Dar, another Kuwaiti sharia-compliant lender.
In a statement
Investment Dar, the Kuwaiti firm best-known for its stake in luxury carmaker Aston Martin, hopes to complete a second debt-for-assets deal with creditors by the end of March, it said in a bourse statement on Tuesday.
Investment Dar, the Kuwaiti firm whose assets include a stake in luxury carmaker Aston Martin, said on Saturday a local court had ruled to lift protection the company had against legal action by creditors.
Investment Dar was one o
The indebted Kuwaiti shareholder of British luxury carmaker Aston Martin has persuaded just under a third of its creditors to accept a debt restructuring deal that offers them shares in a portfolio of its assets, its financial advisor said.
Kuwaiti investment house Investment Dar has offered to give creditors a stake in a portfolio of assets in exchange for their debt as an alternative to an offer made under a KD1 billion ($3.5 billion) debt restructuring plan agreed in 2011.
Aston Martin, owned by Kuwaiti investment house Investment Dar, hopes its new minority private equity shareholder will bring resources that will help the British luxury carmaker launch the next generation of sports cars and expand its market pre
Aston Martin plans to invest $1 billion in new products and technology after Italian private equity fund Investindustrial agreed to buy a minority stake in the British luxury carmaker.
Investindustrial is buying 37.5 per cent for
India's Mahindra & Mahindra group, the world's biggest tractor manufacturer, is the frontrunner in a bidding war to buy a large stake in flashy British sportscar maker Aston Martin, which is owned by Kuwait-based finance firm Investm
Italian private equity fund Investindustrial and Indian car maker Mahindra have made competing bids for 50 per cent of British luxury car maker Aston Martin, owned by Kuwaiti investment house Investment Dar, with a deal expected over the weekend