Creditors near deal with Global

Global Investment House, a struggling Kuwaiti investment company, is close to an agreement with its creditors on a possible restructuring of its debt, according to a banker familiar with the negotiations.

The restructuring will mean that Global, which defaulted on a $200m syndicated loan mostly from international banks in December, will pay back its creditors in full in return for which it is seeking to extend the maturity of the loans.

"Global has taken a very co-operative approach to the restructuring process," the banker told the Financial Times. "Unlike many institutions in the region, Global has continued to service its debts and intends to fully repay its loans."