Investment Dar to repay $299m to small creditors
Kuwaiti firm Investment Dar, which owns half of carmaker Aston Martin, will pay about KD82m ($298.7 million) to individuals and small non-financial institutions in the first year of its debt restructuring plan.
The firm was granted court’s approval to implement its eight-and-a-half year restructuring, in which it aims to pay back over $3.5b to creditors and be admitted under the Financial Stability Law.
“In the second, third, fourth and fifth years there will be fixed payments to the remainder of the banks and investors, followed by a final payment before June 30, 2017,” Dar said in a statement on Wednesday.
The repayments will start on June 30.
Dar had proposed asset sales of about $1.69b over three years to creditors to restructure its debt pile early in the year. During the plan’s duration, Dar will remain subject to various commercial restrictions given by the court which include a freeze on dividends to shareholders on new investments and on taking new indebtedness.
“Work is also underway to investigate how banks and investors may trade their exposure,” added the firm.
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