Kuwait's Investment Dar presents plan terms to banks, investors

By Caroline Salls

Pittsburgh, Feb. 22 - The Investment Dar KSCC and its coordinating committee met with the company's banks and investors to update them following an agreement on the main commercial terms of the revised enhanced supplementary plan, according to a news release.

At the meeting, Investment Dar presented the banks and investors with the headline terms of the agreed plan, together with illustrative business, operational and governance plans for its implementation.

The company's board and the coordinating committee agree that the plan provides a workable commercial solution that complies with current and prospective Central Bank of Kuwait ratios.

Investment Dar said alternative solutions to the restructuring process would be lengthy and value destructive to all stakeholders and would deliver significantly decreased returns for all parties.

According to the release, the company and committee are trying to secure support for the plan from key stakeholders ahead of the next hearing of the Special Circuit Court of Appeal on April 7.

"We are present as board members at this meeting today to express clearly the company's commitment to getting to the implementation of a restructuring plan as soon as possible," vice chairman Ghanem Al Ghanem said in the release.

Investment Dar and the committee were scheduled to hold a second meeting on Feb. 22.

Investment Dar is a Kuwaiti shareholding company.

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