Global Investment House has won creditors' approval to begin debt rescheduling negotiations in the next six months if needed.
Lenders "approved an amendment to the facilities agreement to waive until 31 March 2012 a condition that might have restricted any negotiations for the rescheduling or restructuring of the group's indebtedness", the Kuwaiti company said.
The bank's US$1.71bn (Dh6.29bn) loan facility, due for repayment next year, had already been restructured in December 2009 after the global financial downturn, though analysts said many in the market had expected another change to the terms of the deal for some time.
No comments:
Post a Comment