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Creditors approve Global's plan to restructure $337m bonds
- Kuwait: Monday, November 26 - 2012 at 05:47
Kuwait-based Global Investment House has said it had secured the approval of creditors to restructure two bonds worth KD95m ($337m) as part of the company's second debt overhaul in three years, Reuters has reported. Bond holders have approved the restructuring of a KD50m bond maturing in 2013 and of a KD45m bond maturing in 2012, Global said. The company, whose major shareholders include the governments of Kuwait and Dubai, said earlier this month that three of its creditors had failed to back this restructuring plan and that it would work on winning them over. It will also ask shareholders to approve delisting its stock from the Kuwait bourse after failing to secure a regulatory waiver needed to implement its restructuring plan, Global said.
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