Dar plans to repay $298m to small creditors
Kuwait, June 15, 2011
Investment Dar, which owns half of carmaker Aston Martin, will pay about 82 million dinars ($298.7 million) to individuals and small non-financial institutions in the first year of its debt restructuring plan.
The Kuwaiti firm was granted court's approval to implement its eight and half year restructuring, in which it aims to pay back over $3.5 billion to creditors and be admitted under the Financial Stability Law.
'In the second, third, fourth and fifth years there will be fixed payments to the remainder of the banks and investors, followed by a final payment before June 30, 2017,' Dar said in a statement on Wednesday.
The repayments will start on June 30.
Dar had proposed asset sales of about $1.69 billion over three years to creditors to restructure its debt pile early in the year.
During the plan's duration, Dar will remain subject to various commercial restrictions given by the court which include a freeze on dividends to shareholders on new investments and on taking new indebtedness.
'Work is also underway to investigate how banks and investors may trade their exposure,' added the firm. - Reuters
More Finance & Capital Market Stories
- 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
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook