The Investment Dar Co. KSCC, the Kuwait-based owner of half of Aston Martin Lagonda Ltd., said it will present a restructuring plan to its banks and creditors later this month.
The first meeting will be held in Kuwait on Nov. 24 and the second in Dubai on Nov. 25, the Kuwait-based company said in an e-mailed statement today. TID’s banks and investors “will have a period to review and consider approving the proposed restructuring plan” following the meeting, TID said.
The Investment Dar had 1.03 billion dinars ($3.6 billion) of debt outstanding at the end of September 2008, the last time it reported results, and is restructuring its obligations with the help of Credit Suisse Group AG. It said in May it missed a payment on its $100 million Islamic bond.
“We remain fully committed to the consensual restructuring process,” Adnan al Musallam, Investment Dar’s chairman and chief executive officer said in the statement.END
No comments:
Post a Comment