Kuwait’s Investment Dar keeps lenders at bay with “standstill agreement”
The Investment Dar Co. (TID), a Kuwaiti financial institution that owns half of Aston Martin…
September 27, 2009 2:42 by kippreport
The Investment Dar Co., a Kuwaiti financial institution that owns half of Aston Martin, has negotiated a “standstill agreement” with lenders as it works to restructure its debt, reported Bloomberg on Sunday.
“The consenting banks and investors will, for the duration of the standstill agreement, suspend individual claims relating to investment arrangements,” it said in a statement.
Investment Dar defaulted on a $100 million Islamic bond this April, prompting the firm to hire Credit Suisse Group AG to help with both its restructuring strategy and its negotiations with lenders.
As part of the standstill agreement, Investment Dar has vowed to complete “a variety of undertakings to the consenting banks and investors, including the appointment of a chief restructuring officer.”