Two-thirds of banks and investors with an interest in Kuwait’s The Investment Dar (TID) approved a restructuring programme on December 24, allowing a deal to proceed.
A new five-year plan was presented to TID’s banks and investors at the end of November in Kuwait and Dubai. The programme gives financiers enforceable security, according to TID. A chief restructuring officer will also remain in place.
TID became the first Middle Eastern company to default on a sukuk when it missed a $100 million payment in May 2009.
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