Kuwaiti investment company Gulfinvest International said on Sunday it has defaulted on a 200 million dirham ($54.47 million) loan to an Abu Dhabi bank, and its guarantor is in talks to restructure it.

The loan from Abu Dhabi Commercial Bank and its interest were due end of March and the company was "unable to pay at the time being", Gulfinvest said in a statement to the bourse.

It said the UAE's Shuaa Capital, the guarantor of the loan, has stepped in and was negotiating with the company to restructure the loan. - Reuters