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Tue 3 Mar 2009 01:57 AM

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Investment Dar meets with investors and creditors

Kuwaiti firm holds initial meetings ahead of March 16 plan to restructure debts.

Kuwaiti Islamic firm Investment Dar said on Monday it had held initial meetings with its investors and creditors this week and would present them with a plan to restructure its debts on March 16.Investment Dar said it informed creditors at meetings in the UAE and Kuwait about the progress of its "independent restructuring plan". It gave no details.

Investment Dar, which holds stakes in such companies as carmaker Aston Martin and Boubyan Bank , said in December it was seeking to borrow up to $1 billion to refinance debts.

It appointed Credit Suisse as its financial adviser in January.

Kuwait last month unveiled a 1.5 billion dinars ($5.08 billion) economic support package that includes state guarantees on fresh loans extended by banks to help struggling investment firms. The plan still requires parliamentary approval. (Reuters)

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