Gulfinvest International, dropped from the list of investment firms in Kuwait, on Sunday said its creditors may own a stake in the company as part of initial approval for its debt restructuring plan.
“Creditors will keep the guarantees they have and transfer the (debt) not covered by guarantees into a contribution in the company’s capital,” the company said in a statement on the Kuwait bourse website. This would mean the company has settled all its debts, it added.
Under the plan, current shareholders will have the priority to own a stake in the new capital, the company said, adding that a new strategic partner will be allowed in after consultation with the firm’s restructuring adviser.
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