Creditors of Kuwait's Global Investment House have agreed to delay repayment of the principal of their debt to the middle of next year, the company said on Monday, so it can undertake a second restructuring.
Global, which is battling tough market conditions, also said in a statement that all creditors had agreed to delay an increase in interest payments to the same date, June 10 2012.
The investment bank said in September it was asking lenders for a delay to principal repayments on debt due in December to allow for a renegotiation of a $1.7 billion debt restructuring plan it agreed in 2009.
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