Kuwaiti investment company Gulfinvest International said on Sunday it has defaulted on a $54.47 million loan to an Abu Dhabi bank, and its guarantor is in talks to restructure it.
The loan from Abu Dhabi Commercial Bank and its interest were due end of March and the company was “unable to pay at the time being”, Gulfinvest said in a statement to the bourse.
According to Bloomberg News, the company added that it had transferred a 19 percent stake in Al Ahlia Holding Co to Shuaa in lieu of the loan.
It said the UAE’s Shuaa Capital, the guarantor of the loan, has stepped in and was negotiating with the company to restructure the loan. (Reuters)
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