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Join Date: 27 Oct 2010
Location:  QatarPosts: 404 |
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Kuwait’s Investment Dar said to ask creditors to join committee |
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Investment Dar Co, the Kuwait based owner of half of Aston Martin Lagonda Ltd, asked its creditors to put themselves forward for a coordinating committee to help steer the restructuring process, a spokesman for the company said on Sunday.
The company’s creditors, who number more than 100 banks and investors worldwide, have until 5 pm, December 14, in Kuwait to offer to be part of the committee, said the spokesman, who declined to be identified because he wasn’t authorized to speak to the press. Investment Dar said on November 28 it accepted the resignation of the previous coordinating committee, accusing the group of seeking to “destroy†the firm. Investment Dar, which missed a payment on a $100m Islamic bond in May 2009, said in March it was applying for legal protection under the Financial Stability Law to implement a restructuring plan. The law was passed by the government in 2009 to help financial institutions hurt by the credit crisis. Investment Dar said on July 28 an appeals court approved a request by the central bank to extend by four months the date for presenting a report on the company’s restructuring plan and its financial condition. The company, which had $3.65bn of debt outstanding at the end of September 2008, presented a plan to investors in December 2009. |
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