Kuwait's Global Investment House said on Sunday it will use the proceeds from selling its stake in a Chinese firm as part of its debt settlement plan.
Global, one of the country's biggest investment firms, reached a deal with creditors in December to reschedule $1.7 billion in debt, and entered into new three-year facilities with each of its 53 lending banks. [ID:nGEE5B90V7]
"Global owns a stake in a Chinese firm that was recently listed on the Hong Kong stock exchange... the proceeds of the sale will be used to repay part of the company's debt," Global said in a statement on Bahrain's bourse website.
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