Bahrain-based Arab Banking Corporation (ABC) agreed to write off 90 percent of the $120 million in debts owed to it by Kuwait's International Leasing & Investment Company , a Kuwaiti newspaper reported on Wednesday.
"The company will pay $12 million only to the bank which gave up $108 million," said Arabic daily al-Seyassha, adding that the company is currently negotiating the restructuring of its 60 million dinars ($218.6 million) debt to Kuwait & Middle East Financial Investment Co (KMEFIC).
The central bank has given the investment company a grace period until August 9 to settle its financial situation.
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