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.
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)For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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