Gulfinvest Backed By Three Creditors on Restructuring Plan - Bloomberg

Gulfinvest International KSC, a Kuwait-based company that defaulted on loan payments last year, received approval from three of its creditors for a plan to restructure its debt, the company’s chairman said.

Gulfinvest has a total debt of about 44 million dinars ($156 million), AbdulMuhsen Sulaiman al-Meshaan told Bloomberg News in a phone interview today. The company owes Kuwait Finance House, the country’s biggest Islamic bank, about 12 million dinars and is yet to receive a response from the lender on restructuring the debt, he said, without identifying the creditors who approved the plan. The plan will involve increasing Gulfinvest’s capital, he said.

“We are still waiting for Kuwait Finance’s response to the plan and are willing to listen to any remarks they may have,” al-Meshaan said. “No creditor just turns down a restructuring plan without explaining why,” he said.