Kuwait Dar to pay investors two months early
Kuwait, October 23, 2011
The Investment Dar, a leading Kuwaiti sovereign wealth fund, said it will make its first payment to investors two months ahead of the deadline set out in the court-approved restructuring plan.
Owner of half of luxury carmaker Aston Martin, Investment Dar said the decision comes following a recent meeting of its board of directors.
The implementation of the plan, which incorporates full repayment for all TID’s banks and investors, began on the 30 June 2011, said the company in a statement. The debt restructure plans includes giving creditors a 10 per cent stake in Investment Dar.
The Kuwait fund will be making the first payment due under the terms of the restructuring plan, approved by the Special Circuit Court of Appeal under the Financial Stability Law, before the month end, said a senior official.
'The decision to make this first payment well in advance of the deadline set out in the court-approved restructuring plan is in line with our objective of ensuring the plan’s effective delivery,' remarked Adnan Al Musallam, chairman of The Investment Dar.
'We will continue to work closely with all the company’s stakeholders to ensure the plan’s implementation is in line with international best practice,' he noted.
'Our business activity remains focussed on developing and maximizing the value of our assets, ensuring that we service our obligations to our investors under the plan and maintaining value for TID's shareholders in the longer term,' he added.-TradeArabia News Service