Kuwait's Global completes 1st year of debt rescheduling

Company reached a deal with creditors a year ago to reschedule $1.7 billion in debt
Kuwait's Global completes 1st year of debt rescheduling
Since signing rescheduling agreement, company has made interest payments of $82 million (Getty Images)
By Reuters
Sat 11 Dec 2010 03:22 PM

Kuwait's Global Investment House said on Saturday it had completed the first year of its debt rescheduling after making a principal payment of $27 million.

In a statement, the company, one of Kuwait's biggest investment firms said: "With this payment, Global met its first year repayment commitment stated in the debt rescheduling agreement signed with 53 lending banks on 10 December 2009."

The company reached a deal with creditors a year ago to reschedule $1.7 billion in debt.

The statement said: "Since signing the rescheduling agreement, Global has made interest payments of $82 million in addition to settling the 20 million Kuwaiti dinar ($71.1 million) bond on its due date of 23 December 2009, less than two weeks after signing the debt rescheduling agreement."

It added: "Following repayments of $28.9 million on 21 April, $50 million on 21 July and $72.5 million on 21 October this year, the company has now repaid a total of $178.3 million which is $5.8 million in excess of the agreed repayments due in the first year."

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