Investment Dar's restructuring application accepted by Kuwaiti court

By Caroline Salls

Pittsburgh, March 15 - The Investment Dar's application to enter into a restructuring process under Kuwait's Financial Stability Law was accepted by the Special Circuit Court, according to a news release.

Under the terms of the restructuring plan, which more than 80% of Investment Dar's banks and investors have approved, the company plans to repay the financial arrangements with all its banks and investors in full.

According to a separate news release, although the terms of the proposed restructuring plan have been approved by more than 80% of Investment Dar's banks and investors, a small minority of investors have continued to resist supporting the plan.

However, in accordance with the Financial Stability Law, all litigation and execution of judgments against the company from the minority of banks and investors will be stayed until the restructuring plan has been approved by the court.

The implementation of the restructuring plan will be monitored by the Central Bank of Kuwait.

Entry into the Financial Stability Law protection is not expected to affect the legal or operational status of the company, which will continue operating as an investment business with a portfolio of value-generating assets across different sectors and markets.

Investment Dar said it is not seeking financial support from the government to make its payments under the plan.

Investment Dar is a Kuwaiti shareholding company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.