Troubled Global eyes restructuring deal - report

GLOBAL PLAN: Kuwait's biggest investment bank is reportedly seeking a debt restructuring deal.

Global Investment House, Kuwait's biggest investment bank, plans to present a restructuring programme to creditors after defaulting on most of its debt, it was reported on Monday.

Global would present proposals to restructure the firm and its units by Feb. 11, daily newspaper al-Qabas said in an unsourced report, citing a draft for a deal the bank had offered lenders.

Global said on Thursday it had defaulted on most of its debt, triggering a downgrade by ratings agency Fitch which cut its long-term rating to "D" from "C" and Individual Rating to "F" from "E".

Global could not immediately reached for comment.

Company officials have said the firm is seeking a 3-month standstill agreement with its creditors to reschedule its debt.

Like other investment firms, Global has been hit by a global credit crunch. Its main Islamic rival Investment Dar  said last month it needed like Global loans up to $1 billion. (Reuters)

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM