Kuwait's Global Investment House solicits consents from bondholders

By Angela McDaniels

Tacoma, Wash., Nov. 21 - Global Investment House KSCC is pursuing waivers from its bank lenders and must obtain bondholder consent to endorse and approve the waivers, according to a company filing with the London Stock Exchange.

The holders of the company's 50 million Kuwaiti dinar of bonds due Nov. 24, 2013 and the holders of its 45 million dinar of bonds due April 25, 2012 will vote at separate meetings on Dec. 5 at the company's headquarters in Kuwait City.

Also, in the case of the bonds due 2012, a waiver will be sought to defer the maturity to June 10, 2012.

The company has asked its lending banks to defer the principal repayments due in December and any increase in the interest rate from December onward and to waive or defer some covenants. A formal request began circulating on Nov. 3.

The investment company said the modifications are designed to facilitate discussions between the company and its lending banks and bondholders about a more comprehensive restructuring of its debt obligations.

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