Global says bondholders agree to extend maturity

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BUYING TIME: Kuwait's Global Investment House gets a little more breathing space as bondholders agree to extend maturity of 20m dinars worth of bonds. (Getty Images)

Kuwait's Global Investment House said its bondholders have agreed to extend by six months the maturity of 20 million dinars ($69.44 million) worth of bonds.

The bonds' maturity date will be extended to Dec. 23, Global said in a statement, after it held a meeting with its bond holders on Sunday.

Global, the country's biggest investment bank, is among the most prominent financial firms in the Gulf Arab region to face serious problems as credit conditions tightened during the global financial crisis.

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Global began talks to reschedule its debt in December, saying it appointed HSBC as an adviser to hold talks with foreign lenders and named Commercial Bank of Kuwait as its local adviser. (Reuters)