Kuwait’s central bank blocks TID restructuring
Restricts options for other distressed investment firms; Creditors approve Aref and Ayaan restructurings
TID’s debts to over 100 banks
The Central Bank of Kuwait has refused to endorse a $3.5 billion restructuring of The Investment Dar (TID), the owner of UK car maker Aston Martin. Sources close to the negotiations say creditors were informed of the decision, which was also communicated through the Kuwaiti press, in mid-November.
"The central bank said it wouldn’t fly," says Ali Khalil, chief operating officer of Kuwaiti investment firm Markaz, which is representing TID’s non-bank creditors – the biggest group, according to Khalil.
Euromoney understands that TID was due to contest the decision in early December in a special circuit court created in the Court of Appeal under Kuwait’s March 2009 Financial Stability Law.