Kuwait's Global set for $1.7bn debt talks
Kuwait, April 22, 2012
Global Investment House, which is in talks to restructure $1.7 billion in debt, is due to hold meetings with bond investors on Tuesday, a regulatory bourse disclosure showed.
The investment company, which has laid off 17 percent of its staff, will hold separate meetings with holders of a KD50 million ($179.66 million) bond and a 45 million dinar bond, a statement on the Dubai Financial Market (DFM) said.
Global said last year it was asking lenders for a delay to principal repayments on debt to allow for a renegotiation of a debt restructuring plan it agreed in 2009.
Bondholders of the 45 million dinar bond agreed to delay repayment from April 2012 to June 2012.-Reuters
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