Kuwait's Investment Dar remains on track to agree the bulk of a KD813 million ($2.8 billion) debt restructuring plan despite resistance by some minority investors, according to a company document.

The firm, which holds a stake in luxury carmaker Aston Martin, has secured about 60 per cent support for the plan, which involves creditors voluntarily exchanging debt for a direct debt claim and equity stake in a new holding company to be given ownership of all Investment Dar's assets, said a report in the Gulf Daily News (GDN), our sister publication.

It is the latest attempt by Investment Dar to pay off creditors after sinking into debt problems during the global financial crisis. It was reorganised under Kuwait's Financial Stability Law introduced in 2009 to assist debt negotiations in the absence of effective insolvency rules.

Its original debt deal was signed in 2011 and covered around 1bn dinars. Since then, it has paid off some creditors and others took up a settlement-in-kind offer which involved swapping debt for a stake in a pool of assets.

Last week, however, Kuwait Finance House (KFH) rejected the plan and vowed to take all possible legal measures to collect the debt it is owed. KFH holds about six per cent of the debt Investment Dar is aiming to restructure. - TradeArabia News Service