nvestment Dar Co., the Kuwait-based owner of half of Aston Martin Lagonda Ltd., proposed terms on a restructuring plan to pay 1.4 billion dinars ($5 billion) to creditors, according to a document obtained by Bloomberg.
The company offered to pay 350 million dinars of debt over the first three years with 10 percent profit payments per annum, according to the document dated Oct. 27. Of that 10 percent, 2 percent will be paid in cash, it said. The remaining 970 million dinars will be paid over the following five years, it said.
Investment Dar started talks last year to restructure its debt after the global financial crisis hit Kuwaiti banks and investment firms, forcing the government to guarantee all local bank deposits in 2008. Investment Dar, which missed a payment on a $100 million Islamic bond in May last year, said in March it started a process to seek legal protection under Kuwait’s Financial Stability Law to implement a restructuring plan.
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