IIG Funding: sukuk not redeemed in light of restructuring negotiations

By Caroline Salls

Pittsburgh, July 11 - IIG Funding Ltd. said its $200 million of sukuk al-Mudarabah trust certificates due July 10 were not redeemed, and certificates for which put exercise notices were delivered have not been redeemed and remain outstanding.

According to a news release, the redemptions were not made because of continuing negotiations on the company's financial restructuring.

IIG said the negotiations should be completed within the next month.

IIG is an Al Safaa, Kuwait, investment company.

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