Investment Dar, committee present comprehensive restructuring plan

By Caroline Salls

Pittsburgh, Dec. 7 - The Investment Dar Co. KSCC (TID) and the coordinating committee of its banks and investors and the investors of Investment Dar Bank - Bahrain have presented a comprehensive restructuring plan to reschedule and restructure the company's financial arrangements with its wider bank and investor group in Kuwait and Dubai, according to a news release.

"The impact of the global financial crisis is still being felt across the region, and it is important that TID and its banks and investors work together to conclude the proposed restructuring as quickly as possible," chairman and chief operating officer Adnan Al Musallam said in the release.

"TID is firmly committed to this process."

The company said the proposed restructuring plan follows a period of due diligence conducted by the coordinating committee and its advisers in cooperation with TID and discussions on the proposed restructuring plan between the parties.

All banks and investors have been asked to review the proposed restructuring plan and provide their support before Dec. 23.

TID is a Kuwaiti shareholding company.

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