One has to hand it to Adnan Al-Musallam, chairman of The Investment Dar (TID), the Kuwait-based Islamic investment company, which owes its creditors over $3.5 billion. Over the last two years, he has fought off any attempt from some creditors to put TID under administration or declare it bankrupt.
He has successfully persuaded the court in Kuwait to give his debt-restructuring plan a chance to the chagrin of a few of TID’s creditors.
He has sought Chapter 11 protection under the emirate’s Financial Stability Law (FSL), which provides the necessary legal framework under which TID can implement a court-approved restructuring plan in which full repayment of all of its banks and investors is incorporated.
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