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Wednesday, 15 June 2011

Investment Dar Aims to Implement Its Restructure Plan on June 30 - Bloomberg

Investment Dar Co., the Kuwait-based owner of half of Aston Martin Lagonda Ltd., said it will start implementing a plan to restructure 1.37 billion dinars ($5 billion) of debt on June 30.

Investment Dar said June 2 that Kuwait’s Special Circuit Court of Appeal approved the company’s request for application of the country’s Financial Stability Law, providing the legal framework enabling it to implement the plan.

“Approximately 82 million dinars in total will be paid out in the first year, which will go to individual investors and small non-financial institutions,” Investment Dar said in an e- mailed statement today. “In the second, third, fourth and fifth years there will be fixed payments to the remainder of the banks and investors, followed by a final payment before June 30, 2017, which will make up the balance owed to this group plus an amount equating to an annual profit over the 8.5 year period.”