Tagged: Aston Martin

Aston Martin Owner Said to Cut Debt as Creditors Accept Deal (1)

Aston Martin Owner Said to Cut Debt as Creditors Accept Deal (1)

<p>Investment Dar Co. will reduce borrowings after creditors holding 30 percent of its debt signed up to a new loan deal backed by assets including luxury carmaker Aston Martin. The lenders to the Kuwaiti company agreed to a cash payment totaling 5.7 percent of their debt and a portion of a new Islamic loan equal to about 44 percent. While the new deal represents a writedown of 50 percent it gives creditors more security over the assets. Nine assets will back the new facility, with Investment Dar&rsquo;s 34 percent stake in Aston Martin the most significant. Creditors not taking the offer retain their claims under the approved restructuring plan. Lenders who have taken the settlement will become 15 percent shareholders in the company holding the assets, while the new $437 million Islamic loan will be repaid through unscheduled asset sales and has a tenor of up to seven years.</p>
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<p><a href="http://www.businessweek.com/news/2013-07-23/aston-martin-owner-said-to-cut-debt-as-creditors-accept-deal-1" title="http://www.businessweek.com/news/2013-07-23/aston-martin-owner-said-to-cut-debt-as-creditors-accept-deal-1">http://www.businessweek.com/news/2013-07-23/aston-martin-owner-said-to-c…</a></p>
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Aston Martin owner gets creditor backing for debt restructuring

Aston Martin owner gets creditor backing for debt restructuring

<p>Aston Martin's indebted majority owner has won the backing of sufficient creditors to proceed with a fresh debt restructuring plan &ndash; using the British luxury carmaker as collateral &ndash; ahead of a planned seven-year asset disposal program. Investment Dar's proposed restructuring received the minimum required backing of at least 13 per cent of creditors, but did not exceed the 56 per cent maximum that the company would allow.</p>
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<p><a href="http://www.ft.com/intl/cms/s/f72def94-ddad-11e2-892b-00144feab7de,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ff72def94-ddad-11e2-892b-00144feab7de.html&amp;_i_referer=http%3A%2F%2Fwww.newsblur.com%2Fsocial%2F113996%2Fislamicfinance.de-blurblog#axzz2XLE7u5nK" title="http://www.ft.com/intl/cms/s/f72def94-ddad-11e2-892b-00144feab7de,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ff72def94-ddad-11e2-892b-00144feab7de.html&amp;_i_referer=http%3A%2F%2Fwww.newsblur.com%2Fsocial%2F113996%2Fislamicfinance.de-blurblog#axzz2XLE7u5nK">http://www.ft.com/intl/cms/s/f72def94-ddad-11e2-892b-00144feab7de,Author…</a></p>
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Investment Dar uses Aston Martin stake as debt deal collateral

Investment Dar uses Aston Martin stake as debt deal collateral

<p>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&rsquo;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&rsquo;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.</p>
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<p><a href="http://www.ft.com/intl/cms/s/0/da553976-d8e0-11e2-84fa-00144feab7de.html#axzz2Wrs1jnlO" title="http://www.ft.com/intl/cms/s/0/da553976-d8e0-11e2-84fa-00144feab7de.html#axzz2Wrs1jnlO">http://www.ft.com/intl/cms/s/0/da553976-d8e0-11e2-84fa-00144feab7de.html…</a></p>
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Aston Martin confirms Investindustrial Partnership

Aston Martin confirms Investindustrial Partnership

Aston Martin has confirmed that the Investindustrial partnership has been completed. The deal brings £150m of investment in the form of a capital increase. The investment underpins a significant new product development programme of more than half a billion pounds over the next five years. Aston Martin production will remain at the luxury British marque’s global headquarters at Gaydon in Warwickshire, a purpose-built facility where the current range of sports cars is assembled. Details of this year’s first quarter results will be announced to bondholders later in May.