Kuwait's Global Investment House bondholders confirm extension, waiver

By Angela McDaniels

Tacoma, Wash., April 24 - Global Investment House KSCC received bondholder confirmation and approval to defer the maturity of 45 million Kuwaiti dinar of bonds to June 10, 2012 from April 25, 2012, according to a company news release.

The company held separate meetings with the holders of the bonds due 2012 and the holders of its 50 million dinar of bonds due Nov. 24, 2013 on April 24 in continuation of its debt restructuring discussions and negotiations.

The bondholders also decided to vote on the terms of a debt restructuring at a subsequent meeting for each bond issue once approval for the meetings is obtained from regulatory authorities.

The bondholders also confirmed and approved the waivers sought earlier from the company's bank lenders to defer the maturity date and an increase in margins to June 10, 2012 as well as the cash payment of a 25 basis points fee.

Global Investment House is an investment company based in Kuwait City.

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