Kuwait's Global Investment House asked creditors to delay principal repayments on debt due in December, it said on Thursday, as part of a move to renegotiate a $1.7 billion restructuring agreement.
The investment firm also asked to defer an increase in the rate of interest, starting in December, and waive or defer certain covenants applicable to Global under its debt arrangements, according to a statement from the firm.
Evercore Partners, a private investment bank, has been appointed by Global to advise it in the restructuring process, a source with knowledge of the move said on condition of anonymity.
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