Business | Technology
Kuwait's Investment Dar buys time with lenders
The Kuwaiti Islamic investment firm that owns half of British luxury car marker Aston Martin said on Sunday it has agreed with its lenders to suspend their claims while it looks to restructure its debt.
- AP
- Published: 14:32 September 27, 2009
Kuwait: The Kuwaiti Islamic investment firm that owns half of British luxury car marker Aston Martin said on Sunday it has agreed with its lenders to suspend their claims while it looks to restructure its debt.
The Investment Dar is one of several Kuwaiti banks and investment houses to run into trouble as the global economic meltdown hammered Kuwait.
The announcement of the so-called standstill agreement marked the latest step by the company to shore up support after it defaulted in April on a payment on a $100 million Islamic bond amid ongoing efforts to restructure debt.
"The consenting banks and investors will, for the duration of the standstill agreement, suspend individual claims relating to investment arrangements," TID said in a statement, adding that it had asked investors and banks to detail the "size and nature of their claims" against the company.
Along with the British luxury car marker, Investment Dar also holds a range of banking and property investments.
The company said late last year it was looking to borrow $1 billion to refinance its debt, and had appointed Credit Suisse as an adviser in the restructuring process.
More from Technology
More from Business
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
