Tagged: England

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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London firm launches Islamic insurance platform

London firm launches Islamic insurance platform

London-based firm Cobalt has developed a sharia-compliant insurance platform that uses a syndication model to help spread risk across a panel of underwriters. Cobalt allows multiple insurers to pool their capacity and each can subscribe to the desired …

Dubai owners unveil new Leeds United manager

Dubai owners unveil new Leeds United manager

Dubai-based GFH Capital, owners of English football club Leeds United, have confirmed the appointment of Brian McDermott as the club’s new manager with immediate effect. McDermott has agreed a three-year contract and will be joined by Nigel Gibbs as hi…

Bradford event turns spotlight on Islamic finance

Bradford event turns spotlight on Islamic finance

More than 100 West Yorkshire Muslims attended an event in Bradford which focused on Islamic finance. The networking dinner was organised by the Professional Muslim Institute and sponsored by the Islamic Bank of Britain plc and Ummah Financial, two of West Yorkshire’s leading Islamic finance providers. Guest speaker was Imam Qari Asim, senior Imam at Leeds Makkah Mosque.

Gatehouse Bank in UK community outreach programme

Gatehouse Bank in UK community outreach programme

London-based Gatehouse Bank is participating in the youth mentoring initiative ‘Mosaic’ that seeks to inspire young people from deprived communities to realise their talents and potential. The seminar saw business leaders, including the CEO of Gatehouse Bank, Richard Thomas, sharing important insights and experiences on activities undertaken in 2012. According to a press release from Gatehouse Bank, Mosaic addresses the role that businesses can play in responding to social and environmental problems. Therefore, it directly reflects the business ethos of a socially responsible Shari’ah banking model.