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Kuwait’s Global completes 1st year of debt rescheduling

Kuwait's Global Investment House said on Saturday it had completed the first year of its debt rescheduling after making a principal payment of $27 million.

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December 11, 2010 4:18 by



Kuwait’s Global Investment House said on Saturday it had completed the first year of its debt rescheduling after making a principal payment of $27 million.

“With this payment, Global met its first year repayment commitment stated in the debt rescheduling agreement signed with 53 lending banks on 10 December 2009,” the company, one of Kuwait’s biggest investment firms, said in a statement.

The company reached a deal with creditors a year ago to reschedule $1.7 billion in debt.

“Since signing the rescheduling agreement, Global has made interest payments of $82 million in addition to settling the 20 million Kuwaiti dinar ($71.1 million) bond on its due date of 23 December 2009, less than two weeks after signing the debt rescheduling agreement,” the statement said.

“Following repayments of $28.9 million on 21 April, $50 million on 21 July and $72.5 million on 21 October this year, the company has now repaid a total of $178.3 million which is $5.8 million in excess of the agreed repayments due in the first year,” it added.

(Reporting by Firouz Sedarat in Dubai)



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