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Tuesday, 22 November 2011

Global seeks $1.7bn bond plan reprieve - The National

Global Investment House has requested a reprieve from planned bond repayments due next year as it attempts to renegotiate its debts for a second time.

The troubled Kuwaiti investment bank is due to meet bondholders on December 5 to request repayments of bonds worth 45 million Kuwaiti dinars (Dh598.8m), due in April, be postponed by two months.

Global, once among the biggest investment banks in the Middle East, opened talks with banks in September to renegotiate an original agreement signed in 2009 to modify the terms on US$1.7 billion (Dh6.24bn) worth of debt.