Kuwait's GIH to prepare restructuring

Global Investment House, Kuwait's biggest investment bank, plans to present a restructuring programme to creditors after defaulting on most of its debt.

Global would present proposals to restructure the firm and its units by February 11, daily Al Qabas said in an unsourced report, citing a draft for a deal the bank had offered lenders.

Global said last week it had defaulted on most of its debt, triggering a downgrade by ratings agency Fitch, which cut its long-term rating to "D" from "C" and Individual Rating to "F" from "E".

Global could not reached for comment.

Company officials have said the firm is seeking a three-month standstill agreement with its creditors to reschedule its debt.

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