Browse
related articles
Global's $1.7bn debt restructuring plan rejected by creditors
- Kuwait: Wednesday, November 14 - 2012 at 05:10
Kuwait's Global Investment House (Global) has said three of its creditors had failed to back a $1.7bn debt restructuring plan, and that it was looking at legal options to secure a deal, Reuters has reported. Under the debt-for-equity style plan, the unanimous backing of Global's lenders is required to secure an agreement. According to the plan, Global would offer KD122.2m ($433m) of new shares to creditors. "The company obtained the approval for the plan from more than 95% of the creditors. There was the exception of three creditors," the firm said. Global, which counts the governments of Kuwait and Dubai as major shareholders, would take all measures at its disposal to secure a deal, including legal proceedings under British law, it added.
Related Content
Article Options
Disclaimer »
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / 4C and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / 4C can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / 4C.
In no event shall AME Info FZ LLC / 4C be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
