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Sukuk.me: Dar given more time to restructure debt |
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DUBAI - Kuwait's Investment Dar, which owns half of British luxury carmaker Aston Martin, and a creditors committee have agreed to extend the deadline for creditors to sign a standstill agreement, the committee said on Monday.
Dar and the committee said last month they entered into a standstill agreement during which individual claims will be suspended, giving the Islamic financial firm time to restructure its debt payments after defaulting on a bond.
The committee and Dar have agreed to extend the deadline for creditors to sign the standstill agreement to Nov. 12, from Oct. 15, the committee and Dar said in separate statements.
The extension will allow some creditors, primarily those represented by intermediaries such as holders of Islamic bonds, or sukuk, more time to follow procedures to enter the agreement.
"We as the Coordinating Committee care that all investors are treated equally and that's why the committee suggested, with Dar's consent, to allow all investors and banks more time in order to sign the standstill agreement," the committee said in a statement.
Under the terms of the standstill agreement, Dar appointed Mike Grant, a partner at London-based Aaronite Partners, as Chief Restructuring Officer, to help the firm settle its debt payments.
"The extension will help in attaining our mutual objective of reaching a consensual restructuring plan expeditiously," Adnan Al-Musallam, Dar's chairman and chief executive officer said in the Dar statement.
Dar defaulted in May on a $100 million Islamic bond and its shares have been suspended from trading since April for failing to report its 2008 earnings on time.
"Importantly, the mutually agreed extension does not affect our discussions regarding the consensual restructuring plan, and these continue in parallel in a constructive manner," Grant said in the Dar statement.
The Coordinating Committee said last month it expected the Standstill Agreement to remain in place till the end of 2009 to allow the firm to restructure the payments to creditors.
Kuwait's Central Bank appointed in September a monitor to supervise Dar's debt restructuring process and earnings reports.
Investment Dar and the Central Bank are in dispute after the bank failed to approve the company's 2008 earnings report.
Investment Dar is the second major firm in Kuwait to announce a default, after Global Investment House, the country's largest investment bank, said in January it defaulted on most of its debt obligations.
Source: business.maktoob
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