Kuwait's Global Investment House gets consents from holders of three bonds series for restructuring

By Jennifer Chiou

New York, Nov. 12 - Global Investment House KSC announced that it held meetings in which holders of the following bonds series agreed to the company's debt restructuring documents:

• 20 million Kuwaiti dinar of bonds due Dec. 23, 2009;

• 45 million Kuwaiti dinar of bonds due April 25, 2012; and

• 50 million Kuwaiti dinar of bonds due Nov. 24, 2013.

In the meetings, Global Investment offered to the bondholders security on the same terms and basis that is being proposed to be offered to the banks and financial institutions in discussions with the company for restructuring of the debt.

The company also sought authorization to the relevant restructuring documents. It plans to settle the bonds as they mature in 2009, 2012 and 2013.

Maha Al-Ghunaim, chairperson and managing director, said in a Global Investment release: "I am pleased by the outcome of these meetings as it strengthens the bondholder's position through security, brings all classes of financers on pari passu basis in the debt restructuring and is yet another milestone accomplished towards successful conclusion of the debt restructuring."

On Jan. 8, 2009, the company updated its debt-restructuring process, confirming that as a consequence of a capital repayment default in the second half of December 2008 on one of its syndicated facilities and due to the cross-default provision, it was in default on the majority of its financial debt.

Global Investment previously noted that it continued to pay its interest and coupon payments on a timely basis.

As already disclosed, Global Investment appointed HSBC Bank as international financial adviser and CBK Capital as its local adviser. In addition, a steering committee had been formed by the company's financiers.

Global Investment House is a Kuwaiti investment company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.