Thursday 31 December 2009

Kuwait's Global seeks s/holder nod for debt plan

Shareholders of Kuwait's Global Investment House (GLOB.KW), which defaulted on most of its debt last year, will vote on a restructuring deal to transfer its main investments and real estate assets to two new units.

FINANCIALS

The vote will take place on Jan. 12, the company said on Thursday in a statement to the Kuwait bourse.

Global reached a deal with creditors this month to reschedule $1.7 billion in debt, and entered into new three-year facilities with each of its 53 lending banks. [ID:nGEE5B90V7]

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