Global Investment House scheme creditors OK restructuring transaction

By Caroline Salls

Pittsburgh, Nov. 26 - Global Investment House said an "overwhelming majority" of its scheme creditors approved its restructuring transaction.

According to a company news release, the transaction was approved by holders of 96.7% of claims by value at a meeting held on Monday and 90.9% by number of those voting.

The company said the scheme creditor vote represents approval of bank lenders.

If the court sanctions the scheme at a hearing scheduled for Dec. 3, the company said it will lodge the court order from that hearing with the Registrar of Companies of England and Wales.

The scheme is expected to take effect on or shortly after Dec. 3 once the court order is lodged.

As previously reported, holders of both of Global's outstanding bonds approved the transaction in meetings held on Nov. 22, and the company's shareholders approved it as part of their annual and extraordinary general meetings.

A further extraordinary general meeting of shareholders is scheduled for Dec. 2.

At that meeting, shareholders will be asked to approve a delisting of the company from Kuwait Stock Exchange in case the Capital Markets Authority of Kuwait does not either confirm that its mandatory tender offer regulations are not applicable to the restructuring transaction or grant its exemption from these regulations.

Global Investment House is an investment company based in Kuwait City.

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