Investment Dar in new deal over restructuring

Kuwait-based Investment Dar, the owner of half of carmaker Aston Martin Lagonda Ltd, on Sunday announced it had entered into a “standstill agreement” with its banks and investors as part of its debt restructuring process.

As part of the agreement the company will appoint a chief restructuring officer, the company said in a statement to on its website.

Investment Dar said in December it was seeking to borrow up to $1 billion to refinance debts.

"The principle of the agreement broadly rests on the company’s commitment to a variety of undertakings to the consenting banks and investors including the appointment of a chief restructuring officer, on the basis of which, the consenting banks and investors will, for the duration of the agreement, suspend individual claims relating to investment arrangements entered into with the company," the statement added

The company has also initiated a claims process through which it is asking its banks and investors to notify the size and nature of their claim against the company.

The Investment Dar chairman and CEO Adnan Al Musallam said: "The Standstill Agreement represents good progress in the company’s restructuring process.

"TID’s board of directors and the management remain wholly committed to the Standstill Agreement and to working constructively with the Coordinating Committee towards a consensual restructuring plan."

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