Kuwait bank gets more time for Dar debt plan
Kuwait, July 30, 2010
A Kuwaiti court has given the country's central bank four more months to submit a report on the debt restructuring plan of Islamic firm Investment Dar, the company said.
Investment Dar, which owns half of British carmaker Aston Martin, said in a statement to the bourse that the court approved a request by the central bank to extend a deadline for providing it with the report by four months starting July 10.
Dar, which has been trying to restructure about KD1 billion ($3.48 billion) of debt, applied in March for support under a government facility set up for troubled companies as part of a debt restructuring.
In December, it said it had reached a deal with 80 per cent of its creditors. The government facility would help it get the consent of the rest of the creditors on its restructuring plan.
Kuwaiti investment companies were hard hit by the global financial crisis. Dar defaulted on a $100 million Islamic debt issue last year - the first major, public Islamic instrument in the region to do so - and has said it may sell some assets to meet its obligations.-Reuters