Kuwait’s Global may soon reach debt agreement - CEO

CEO says all documents required by lenders submitted; company awaits responses.
Kuwait’s Global may soon reach debt agreement - CEO
By Martin Morris
Mon 10 Aug 2009 08:51 PM

Kuwait’s Global Investment House may soon reach an agreement with its creditors after the investment bank defaulted on loan repayments in December, CEO Bader Abdulla Al-Sumait said on Monday.In an interview with Al Arabiya TV, reported by Bloomberg, Al-Sumait said the company had submitted all documents required by lenders and is awaiting their responses before signing an accord.

Last December Global confirmed it appointed HSBC Holdings as an adviser and formed a committee to continue discussions on restructuring $3 billion of debt.

In January, in a statement to the London Stock Exchange Global said: ''As a consequence of a capital repayment default in the second half of December on one of its syndicated facilities and due to the cross default provision, the company is in default on the majority of its financial indebtedness.''

On Sunday the company reported a net loss of 29 million dinars ($101.1 million) in the second quarter, on investment losses and losses of associates.

First-half net loss came in at 98.6 million dinars, compared with a net profit of 82.2 million dinars in the year-earlier period, the company said in a statement.

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