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Kuwait’s Global Investment House to delay bond repayment

Kuwait's Global Investment House (GIH) has said it has secured approval from bondholders to delay the repayment of bonds worth KD95m ($338.9m) to December from June, Reuters has reported. GIH, which counts the governments of Kuwait and Dubai as major shareholders, is in the midst of its second debt restructuring in three years, having asked bank creditors in September to suspend payments on the $1.7bn plan agreed in 2009. The deferral will give GIH further time for a new debt plan to be finalised, with terms expected to be circulated shortly, the firm said. An agreement should be in place by the time the waiver period expires, it added.