Kuwait's Global eyes second restructuring of $1.7bn debt

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Global posed a net loss of KD54m in the nine months to September

Global posed a net loss of KD54m in the nine months to September

Creditors of Kuwait's Global Investment House have agreed to delay repayment of the principal of their debt to the middle of next year, the company said on Monday, so it can undertake a second restructuring.

Global, which is battling tough market conditions, also said in a statement that all creditors had agreed to delay an increase in interest payments to the same date, June 10 2012.

The investment bank said in September it was asking lenders for a delay to principal repayments on debt due in December to allow for a renegotiation of a $1.7bn debt restructuring plan it agreed in 2009.

"The creditors' agreement to these amendments will provide the appropriate work environment for constructive negotiations to reach a new agreement to restructure the company's debts," Global said.

Global has also agreed with bondholders to delay the repayment on a 45 million dinar ($162.45 million) bond to June 2012 from April 2012 to help finalize the wider restructuring, it announced earlier this month.

The company reported a net loss of KD54m for the nine months to September 30.

Related:

Market Performance

Global Investment House - Kuwait
0.615
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Beating state debt addiction proves hard for UAE banks

Beating state debt addiction proves hard for UAE banks

Banks' exposure to the public sector as a percentage of capital...

MidEast boutiques seek to become fashionable M&A choice

MidEast boutiques seek to become fashionable M&A choice

Number of such firms in the Middle East is growing, centred on...

Saudi money market turmoil shows bank jitters over bond issues

Saudi money market turmoil shows bank jitters over bond issues

Money market moves show concern about Saudi banks' ability to...

Most Popular
Most Discussed