Global Investment House asks lenders to extend waivers and deferrals

By Caroline Salls

Pittsburgh, May 14 - Global Investment House KSCC has asked its lenders to extend existing waivers and deferrals set to expire on June 10 to give lenders more time to review and approve a debt restructuring term sheet to be circulated in the near term as well as to formally document and implement the restructuring, according to a news release.

The company said the waiver request seeks a deferral of specified mandatory minimum principal payments, a deferral of any increase in margin, a deferral on payment of interest until the end of the waiver period and a deferral/waiver of covenants applicable to Global Investment House under its existing lender arrangements.

The requested waivers/deferrals would expire on Nov. 10, subject to an extension to Dec. 10 upon notification to the company by a coordinating committee of lending banks by Nov. 10.

In addition, Global Investment House said the Court of Appeal of Dubai has decided to defer to May 21 its ruling on a case reverted by the Dubai Court of Cassation in connection with a National Bank of Umm Al Qaiwain appeal to May 1.

The National Bank of Umm Al Qaiwain's appeal is related to an appeals court ruling in favor of Global Investment House for the recovery of $250 million plus accrued interest and fees.

According to another news release, none of the holders of Global Investment House's 45 million Kuwaiti dinar of bonds nominated itself as a representative of the bondholders at a meeting held Monday.

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

© 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.