Kuwait's IIG Funding's sukuk enforcement lifted to allow restructuring

By Caroline Salls

Pittsburgh, May 26 - IIG Funding Ltd. trust delegate Deutsche Trustee Co. Ltd. said the holders of the company's $200 million of trust certificates (sukuk al-mudarabah) due 2012 have instructed the delegate to temporarily suspend a February enforcement to allow the company to make a restructuring proposal, according to a news release.

The enforcement will resume if the certificateholders cannot reach an agreement with IIG on a restructuring proposal.

As previously reported, the certificateholders instructed the delegate to accelerate the certificates and sell all related pledged securities in February.

The certificateholders were sent dissolution event notices in January 2010, April 2010, July 2010 and October 2010 in connection with payment defaults, as well as a notice in July 2010 stemming from a default in payment of a redemption amount on the put settlement date.

IIG is an Al Safaa, Kuwait, investment company.

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