Kuwait’s Investment Dar Makes Fresh Appeal in 5-Year-Old Debt Debacle - Middle East Real Time - WSJ:
"The Investment Dar, a Kuwaiti investment firm that owns a large stake in British car-maker Aston Martin, is appealing to creditors this week to accept a new proposal to settle debts five years after it defaulted on a $100 million Islamic bond.
TID was one of a plethora of investment companies formed in Kuwait in the decades leading up to the crisis, many of which acted like private equity vehicles and borrowed to buy assets, hoping for big gains. When the financial crisis set in and banks suddenly became reluctant to refinance debt, these companies found themselves in a pickle: they didn’t have enough cash to repay debts, and they couldn’t sell assets in time to meet maturities.
This led to a string of defaults and debt restructurings in Kuwait, topped by TID and Global Investment House. Global had to seek new terms with lenders twice, but managed to hash out a final $1.7 billion deal last summer.
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