Kuwait’s indebted The Investment Dar (TID) held its first face-to-face meeting with the reconstituted Coordinating Committee last Thursday in Dubai, TID said today in an e-mailed update on its restructuring plan.
“TID and the coordinating committee looked forward to working together to develop and implement a consensual restructuring plan that is fair, acceptable and legally implementable and in the best interests of all TID’s stakeholders,” the statement said.
TID said the meeting was “conducted in a business-like and positive manner” and involved discussions relating to preparation for the bank and investor meetings on the January 17 and 18, 2011, in Dubai and Kuwait, respectively.
At the meeting, the documentation relating to the official engagement of the committee was finalised, it said, and added that committee membership now includes Jordan International Bank, ABC Islamic Bank, Lloyds TSB, Al Rajhi Bank, the Islamic Development Bank and Bank of Bahrain & Kuwait, Kuwait branch.
The committee and TID also agreed the appointments of financial advisors (Deloitte Corporate Finance) and legal advisors (Allen & Overy) to the committee, in addition to retaining the services of chief restructuring officer Mike Grant of Aaronite Partners.