IIG Funding skips certificate distribution, put price payments

By Caroline Salls

Pittsburgh, July 19 - IIG Funding Ltd. - International Investment Group KSCC has not paid a periodic distribution amount due July 10 on its certificates, according to a notice from delegate Deutsche Trustee Co. Ltd.

Failure to make the payment within three business days of the due date constitutes a dissolution event under the certificates.

In addition, the company said it will not be able to make a $152.47 million put payment exercised by 74.2274% of the certificate holders.

According to the notice, the $152.47 million exercise price includes $147.49 million of certificates that were to be redeemed on the put settlement date and the $4.98 million total of unpaid periodic distribution amounts.

As previously reported, IIG has appointed KPMG Advisory WLL, Kuwait to carry out an independent business review, but the release on an interim report related to that review has been delayed pending the Central Bank of Kuwait approving IIG's financial statements as of Dec. 31, 2009.

The company said the statements were approved on July 14.

IIG - International Investment is an Al Safaa, Kuwait investment company.

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