IIG Funding working on asset disposal determination under KPMG report

By Caroline Salls

Pittsburgh, Nov. 4 - IIG Funding Ltd. has done preliminary work to determine which of its assets could be disposed of in order to reduce debt, according to a notice sent to holders of IIG's $200 million trust certificates (Sukuk al-Mudarabah) due 2012.

A report prepared by KPMG Advisory WLL, which has been released to certificate holders who signed a confidentiality agreement, identifies the formulation of an asset disposal plan as one management initiative.

IIG said it has instructed KPMG to review the asset disposal plan to consider the probable timeframe related to the realization of assets, determine the strategic importance of the assets to identify those non-core assets that may be disposed of in the short term without impacting retained assets and provide a timeframe for the anticipated disposals.

IIG has asked KPMG to update its report because of a delay in its release.

Specifically, KPMG has been instructed to update the company's financial information based on the most recently available numbers, update details on any significant movements in assets or debt, give details on changes of the constitution or capital structure of the group, review monthly cash flow statements for the period of January 2010 to October and review a six-month rolling cash flow forecast for November.

The company will make the asset disposal plan and updated information available to eligible certificate holders by Nov. 30.

In addition, IIG said it is continuing to explore its financing options.

IIG is an Al Safaa, Kuwait investment company.

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