Tagged: Investment Dar

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

Islamic Finance

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

Islamic Finance

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 seeking 50% debt cut

Islamic Finance

Investment Dar seeking 50% debt cut

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 outstan…

Investment Dar uses Aston Martin stake as debt deal collateral

Islamic Finance

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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Kuwait’s troubled Investment Dar reveals loss in 2008

Islamic Finance

Kuwait’s troubled Investment Dar reveals loss in 2008

Kuwait’s troubled Islamic investment firm Investment Dar said it posted a loss in 2008 as authorities allowed it to publish its result after a one-year delay.

The company which has debts worth an estimated three billion dollars, said on the Kuwaiti bourse website that it lost 279 million dollars in 2008 after a net profit of 458 million dollars the previous year.

Kuwait’s central bank had prevented Dar from publishing its results after objecting to the company’s asset valuations in 2008 amid reports that they were inflated. Permission to publish the 2008 figures only met after a number of demands. Results for 2009 has not yet been published.

Dar’s assets declined from 4.37 billion dollars in 2007 to 4.16 billion dollars in 2008. The value of shareholder equity dropped to 700 million dollars from 1.35 billion dollars.

In December, Kuwait’s top investment firm Global Investment House struck a deal with creditors to restructure loans worth more than 1.7 billion dollars.