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Wednesday, 15 June 2011

Kuwait's Dar plans to repay $298 mln to small creditors - Maktoob News

Investment Dar, which owns half of carmaker Aston Martin, will pay about 82 million dinars ($298.7 million) to individuals and small non-financial institutions in the first year of its debt restructuring plan.

The Kuwaiti firm was granted court's approval to implement its eight and half year restructuring, in which it aims to pay back over $3.5 billion to creditors and be admitted under the Financial Stability Law.

"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," Dar said in a statement on Wednesday.