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