Kuwait’s Global may soon reach debt agreement - CEO

DEBT RESTRUCTURING: Global Investment House CEO says company may soon reach debt restructuring agreement with creditors. (Getty Images)

Kuwait’s Global Investment House may soon reach an agreement with its creditors after the investment bank defaulted on loan repayments in December, CEO Bader Abdulla Al-Sumait said on Monday.

In an interview with Al Arabiya TV, reported by Bloomberg, Al-Sumait said the company had submitted all documents required by lenders and is awaiting their responses before signing an accord.

Last December Global confirmed it appointed HSBC Holdings as an adviser and formed a committee to continue discussions on restructuring $3 billion of debt.

In January, in a statement to the London Stock Exchange Global said: ''As a consequence of a capital repayment default in the second half of December on one of its syndicated facilities and due to the cross default provision, the company is in default on the majority of its financial indebtedness.''

On Sunday the company reported a net loss of 29 million dinars ($101.1 million) in the second quarter, on investment losses and losses of associates.

First-half net loss came in at 98.6 million dinars, compared with a net profit of 82.2 million dinars in the year-earlier period, the company said in a statement.

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. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
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Email *	(Your email address will not be published)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Please click post only once - your comment will not be published immediately.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