Investment Dar seeking 50% debt cut

Posted by on Jun 21st, 2013 and filed under Islamic Finance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Kuwait's Investment Dar Co has asked creditors to take a 50% writedown on its debt, as it seeks to meet repayments after defaulting on a loan three years ago. Under the optional plan, creditors will receive a cash payment totaling 5.7% of their outstanding debt and a portion of a new Islamic loan equal to about 44% of their current exposure. Details are not public. Investment Dar's stake in Aston Martin and real estate holdings will be among assets backing the new credit facility.

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