Kuwait’s Global Beats Restructuring Plan on Mideast Buyout Boom - Bloomberg Business:
"Surging buyout activity in the Middle East is helping Global Investment House get ahead of plans to repay creditors after the Kuwaiti financial company restructured $1.7 billion of debt twice in the past five years.
The company generated $122 million from asset sales between July 2013 and the end of last year, exceeding a target of $35 million in its agreement with creditors, Ibrahim Saad, chairman of Global, said in an interview in Dubai. This year, asset sales also continue to be ahead of target, Saad said, declining to provide further details.
Global delisted its shares and created a so-called bad bank owned by creditors including Standard Chartered Plc, Deutsche Bank AG and Gulf Bank KSC as part of its second revamp agreement in 2013. The remaining part of the business, in which creditors were given a 70 percent stake, was left debt-free and given the mandate for the sale of assets from the bad bank and return the cash to creditors."
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