Sunday 12 August 2012

Kuwait's Global Investment proposes $433 mln debt-for-equity plan | Reuters

Global Investment House, the Kuwaiti investment firm undergoing its second debt restructuring in three years, will ask shareholders to approve a debt-for-equity swap which will see creditors own 70 percent of the company.

Under the proposal, to be put to shareholders on September 2 annual general meeting, Global will offer 122.2 million dinars($432.87 million) of new shares to creditors, it said in a statement posted on the Dubai stock exchange.

The capital increase will result in creditors owning 69.98 percent of the firm's equity.

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