Investment Dar Defaults on $100 Million Islamic Bond

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Investment Dar Co., the Kuwaiti financial-services company that owns half of Aston Martin Lagonda Ltd., said it defaulted on a $100 million Islamic bond maturing in 2010.

“Default has been made in the payment of the periodic distribution amount due to certificate-holders on April 27, and that such default has continued unremedied for a period of 14 days,” Investment Dar said in a statement to the Bahrain bourse today.

Investment Dar had 1.08 billion dinars ($3.73 billion) of total debt outstanding as of September 2008, according to Bloomberg data, including $150 million in another Islamic bond that matures in September 2011. The company, which has more than 50 subsidiaries and associates, said last month it is developing a restructuring plan with Credit Suisse Group AG.