Investment Dar uses Aston Martin stake as debt deal collateral
Investment Dar has become overextended in the global financial crisis and its complex debt restructuring has dragged on for four years. The indebted Kuwaiti shareholder of ASTON MARTIN has offered a new debt restructuring deal to creditors, using its shares in the British luxury car brand as collateral. Under the plan, creditors of Kuwait’s Investment Dar will be given the option of becoming lenders to Oasis Holding (a Jersey-registered ‘special purpose vehicle’, SPV) while taking a 50 percent discount on what they are owed. The private equity group’s 24 per cent stake in Aston Martin and its 28 per cent stake in affiliate Asmar, which also holds shares in Aston Martin, will be among assets to be shifted across to the SPV. Altogether, Kuwaiti investors own 60.5 per cent of Aston Martin.