Kuwait's Dar to mull debt rescheduling

Kuwaiti Islamic firm Investment Dar, owner of British luxury carmaker Aston Martin, said on Thursday it would discuss rescheduling its debt with creditors next month.

Dar announced last month it had appointed Credit Suisse as its financial adviser after saying in December it was seeking to borrow up to one billion dollars to refinance debt and was considering offers to sell up to 20 percent of Aston Martin.

Dar now plans to meet with its investors and lenders on March 16 to discuss its debt obligations and investments, it said on a statement on the Kuwait bourse website. It did not give further details.

Last week, the government approved a new stimulus package worth 1.5 billion dinars ($5.12 billion), which still needs parliamentary approval, to tackle a global crisis that is affecting the OPEC producer despite its substantial oil income.

Under the plan, Kuwait will guarantee half of all loans local banks would provide to investment firms to reschedule debt and 25 percent of those from foreign creditors.

Several investment firms have been struggling to replace debt with banks reluctant to lend. Global Investment House said last month it had defaulted on most of its loans. (Reuters)

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