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Kuwaits Global Investment House creditors agree to repayment delay |
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Tuesday, 13 December 2011 23:45 |
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Kuwait: Kuwait's Global Investment House (GIH) has said its creditors have agreed to delay repayment of the principal of their debt to the middle of next year, so it can undertake a second restructuring, Reuters has reported. GIH has also agreed with bondholders to delay the repayment on a KD45m ($162.45m) bond to June 2012 from April 2012 to help finalise the wider restructuring, it announced earlier this month. The investment bank said in September it was asking lenders for a delay to
principal repayments on debt due in December to allow for a renegotiation of a $1.7bn debt restructuring plan it agreed in 2009. [AMEInfo.com] Read more:
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