Kuwait's Dar names new creditors panel
Dubai, December 22, 2010
Kuwaiti Islamic firm Investment Dar, which owns half of luxury carmaker Aston Martin, said on Wednesday it appointed a new panel of creditors to negotiate its debt restructuring after a previous committee quit over a disagreement.
Dar has been trying to restructure about 1 billion dinars ($3.55 billion) in debt since last year after the investment firm was hard hit by the global financial crisis.
Four banks from the previous group remain on the coordinating committee and will be joined by two new lenders after a dispute over the terms of the restructuring led to a breakdown in negotiations in November.
'We are hoping that a restructuring can be achieved in the near future in the best interests of all TID's stakeholders,' said Dar's chairman Adnan al-Musallam in a statement.
Jordan International Bank, ABC Islamic Bank, UK lender Lloyds TSB, and Saudi's Al Rajhi Bank retain their role on the committee, the statement said, while Islamic Development Bank (IDB) and Bahrain-based BBK complete the reinstated panel.
Dar defaulted on a $100 million Islamic debt issue last year - the first on a major public Islamic instrument in the region - and has said it may sell some assets to meet its obligations.-Reuters
More Finance & Capital Market Stories
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013