Investment Dar offers new settlement to creditors
Kuwait, May 14, 2013
Kuwaiti investment house Investment Dar has offered to give creditors a stake in a portfolio of assets in exchange for their debt as an alternative to an offer made under a KD1 billion ($3.5 billion) debt restructuring plan agreed in 2011.
Investment Dar said the offer was optional and voluntary and open to all of its banks and investors. It said those which did not want to swap would retain their claims under the original restructuring plan, which offered creditors a 10 percent stake.
The company said it remained committed to the repayment schedule under the 2011 plan.
The settlement-in-kind will raise the chances of the company being able to repay its debt on time, chairman Adnan al-Musallam said in a statement.
There were no details on the type or value of assets offered to creditors under the settlement.
Shares in Investment Dar, which owns a stake in luxury British carmaker Aston Martin, have been delisted from the Kuwait stock exchange. – Reuters