Kuwait’s Global Rallies to Month-High on Debt Extension Report - Bloomberg

Global Investment House KSCC (GLOBAL) rose to the highest intraday level in more than a month after Al- Qabas reported the company started initial talks with creditors on the possibility of extending debt repayments.

The shares surged 8.2 percent to 33 fils, the highest intraday level since July 28, at 10:26 a.m. in Kuwait City.

Consultations began “after it became difficult” for Global to commit to an agreement reached with 53 creditors in December 2009 to reorganize debt, and could be affected by an expected court ruling on a dispute with National Bank of Umm Al- Qaiwain, the newspaper said, without saying where it got the information.

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