Kuwait's Global 'agrees deal' with creditors

by Andy Sambidge Sunday, 25 October 2009

Kuwait's Global Investment House has reached a deal with its creditors to restructure and reschedule its debts, the company's CEO and managing director Maha al-Ghenaim has announced.

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The investment firm, which held a meeting in the UAE with its creditors last week, is expected to sign the final deal before the end of November, Al-Ghenaim said in a statement.
Last December Global confirmed it appointed HSBC Holdings as an adviser and formed a committee to continue discussions on restructuring $3 billion of debt after the company defaulted on most of its debts.

Al-Ghenaim said the company was looking forward to finalising its debt restructuring so it could "focus completely" on its operational activities in the Middle East and North Africa, KUNA News Agency reported.

She said an agreement had been reached whereby Global would set up two specialised firms, one real estate and one investment.

David Piper, chairman of the committee looking into the interests of Global's creditors, said the company had been "forthcoming and transparent" in dealing with its creditors to reschedule its debts.

Global is among the largest investment companies in Kuwait which faces continuing problems amid tight credit conditions.

The troubles of Global and other investment firms in Kuwait has led the government to approve a rescue package worth KD 1.5 billion earlier this year, KUNA added.



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