Investment Dar making progress on restructuring plan completion

By Caroline Salls

Pittsburgh, May 24 - Investment Dar has achieved several key milestones in the progress of its restructuring plan, according to a company news release.

The company said all commercial aspects of the documentation required for the implementation of the restructuring plan have now been agreed to with a coordinating committee, the representative group of Investment Dar's banks and investors and its advisers.

The documentation is being translated into Arabic for review by the Shari'ah Boards of both Investment Dar and coordinating committee financial adviser Morgan Stanley, as well as other reputable Shariah boards of syndicating banks.

The documents are expected to be filed with the Kuwaiti courts to allow a quick execution of the plan in the coming few months.

As part of the review process the Central Bank of Kuwait will receive independent advice on the restructuring plan from Ernst & Young, which has recently been selected by the Central Bank of Kuwait.

Investment Dar said it is also finalizing its five-year business plan and budgets under the terms of the restructuring plan, which calls for full repayment of all outstanding obligations.

"We are making good progress with our restructuring plan, driven by the continuing positive partnership between ourselves and the coordinating committee," Investment Dar chairman and chief executive officer Adnan Al Musallam said in the release.

"Our plans will see the full repayment of all outstanding obligations as well as the enhancement of our portfolio value over the long term to the benefit of our investors, banks and shareholders."

Investment Dar is a Kuwaiti shareholding company.

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