Kuwait's IIG Says Agreed With Most Sukuk Holders

Kuwait's IIG Says Agreed With Most Sukuk Holders

Kuwait's troubled Islamic investment firm International Investment Group(IIG) said on Monday it had reached an agreement in principle with most of its creditors on the main terms of its plan to restructure its $200 million exchangeable sukuk.

March 26, 2012 4:20 by kippreport

Negotiations are continuing with the remaining creditors, the company said in a statement. A company official contacted by Reuters, who declined to be named, said he could not elaborate on the terms or on the time frame for reaching a full agreement.

The five-year sukuk represents over 75 percent of all the company’s liabilities and is due to mature in July 2012. IIG defaulted on sukuk payments in 2010 and appointed KPMG to carry out a review of its business.

Last November, the company’s chief executive resigned just two months after being appointed to the position and was replaced as acting CEO by board member Ghassan Al-Sultan. The company’s shares were delisted from the Kuwait Stock Exchange last month.