Shareholders in Kuwait's Global Investment House approved on Sunday a final plan to create new special purpose vehicles that will carry the company's debt as part of the $1.7 billion debt restructuring plan.
Global, which is undergoing its second debt restructuring in three years, will create at least two SPVs, one to hold company assets along with a debt of $1.3 billion and one which will take part in a capital increase for the parent company and which will carry a debt equivalent of $430 million, Managing Director Maha al-Ghunaim told a news conference.
"One special purpose vehicle is going to hold the assets from our balance sheet which will be moved to that company," al-Ghunaim said.
No comments:
Post a Comment