Dubai: The Kuwaiti co-owner of Aston Martin, Investment Dar, will hold talks with creditors this week as it fights to avoid a fire sale of assets including its stake in the British luxury carmaker.
The Islamic investment firm is working with creditors to restructure about one billion Kuwaiti dinars (Dh12.84 billion) of debt, but a dispute with the central bank over its 2008 financial results and lawsuits from some creditors is slowing the process, persons familiar with the plan told Zawya Dow Jones.
The dispute with the central bank revolves around the level of provisioning, the sources said.
"Provisions is a major problem," said one person familiar with the plan. "The litigation does also affect the process."
Dar and a nine-member committee representing creditors, including HSBC Holdings PLC and Lloyds Banking Group, were to meet creditors in Kuwait, Dubai and London, starting yesterday to present the legal structure of the five-year plan revealed in December, the persons said. Dar filed a court case against the central bank in July last year due to its refusal to approve the 2008 results.
