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. You can leave a response or trackback to this entry

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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