Kuwait's Global wins $250 mln Dubai ruling, Kuwait Investment Companies, Banking & Investment - Maktoob Business

A Dubai court has ordered the National Bank of Umm Al Quwain to repay Kuwait's Global Investment House $250 million, Global said on Monday.

Global's chief executive, Bader al-Sumait, said in a statement the money from the UAE bank will be used to repay the company's restructured debt.

In December, Global reached a deal with creditors to reschedule $1.7 billion in debt, and entered into new three-year facilities with each of its 53 lending banks.