Global wins approval for debt restructuring
Kuwait, November 26, 2012
Kuwait's Global Investment House has received the backing of "an overwhelming majority" of creditors for its debt restructuring plan, the company said in a statement on Monday.
The restructuring, its second in three years, was approved by creditors representing 96.7 per cent by value and 90.9 per cent by number at a meeting in Dubai earlier on Monday, a company filing to the London Stock Exchange said.
A court hearing has been scheduled for December 3 to grant final legal approval to the restructuring plan, it added, and the agreement will take effect on that date or soon after if the court assents.-Reuters
Tags: Kuwait | Global Investment House | debt | restructuring |
More Finance & Capital Market Stories
- EMP expands Iraq card operations
- Dubai ICD planning to boost $2bn loan
- CEO-elect of fraud-hit Rakbank quits
- Saudi foreign assets hit record $668.2bn
- Major trade success for BBK Brokerage
- NBAD raises convertible bond issue to $465m
- Mashreq to enhance mobile banking app
- NBK Capital exits Turkey hospital chain
- Abu Dhabi holding firm Senaat plans share sale
- Iraq Trade Bank to expand into Lebanon, Turkey
