Restructuring talks between The Investment Dar, a Kuwaiti finance house that owns Aston Martin, and its creditors have broken down over disagreements on how to resolve the company’s $3.8bn debt pile.
TID said it had accepted the resignation of the creditors’ coordinating committee after refusing to accept a proposal that would have seen creditors exchange KD475m ($1.7bn) of debt for a 90 per cent stake in the company, but leaving them still retaining a further KD600m of debt.
TID said the proposals were unfavourable. The company has “conservatively” valued its assets at about KD1.8bn.
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