First Investment Co.’s creditors agreed to join a plan to restructure the company’s debts of about 90 million dinars ($321.8 million), Al-Qabas reported, citing unidentified people familiar with the matter.
The Kuwaiti Islamic finance company, known as Al-Ola, is to repay its liabilities over 5 years, the newspaper said.
Al-Ola said in October that it had agreed with lenders on most of the terms to restructure a 90 million-dinar sukuk, according to a filing to the bourse. The company is seeking to turn its debt into a medium-term sukuk, it said in the filing.
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