The Investment DarThe Investment Dar

Mr. Grant , a partner at Aaronite Partners, a London based specialist turnaround consultancy practice, currently brings over 20 years of specialist restructuring experience to the Company and has led some of the largest and most complex restructuring projects of recent times; having been appointed to senior positions in Eurotunnel, Railtrack, the UK Government and Cable & Wireless.

The appointment of a Chief Restructuring Officer is the fulfillment of a key element of the recently announced Standstill Agreement which the Company is encouraging all of its banks and investors and investor clients of The Investment Dar Bank to enter into and has already been entered into with all of the members of the Coordinating Committee.

The CRO will co-lead together with the CEO and Senior Executive Vice President of the Company all matters required to negotiate and implement a consensual restructuring plan, discussions relating to which are ongoing between the Company and the Coordinating Committee.

The Investment DarThe Investment Dar Chairman and Chief Executive Officer, Adnan Al Musallam commented:

"We are pleased to welcome Mr. Grant as our Chief Restructuring Officer. His wealth of expertise and experience will be invaluable to our restructuring process and the implementation of a consensual restructuring plan in the best interests of all of TIDTID's stakeholders."

-Ends-

Mike Grant
Mike Grant is an experienced turnaround director, having worked in this area for over 20 years. He has led some of the largest and most complex restructuring projects of recent times; having been appointed to senior positions in Eurotunnel, Railtrack, HM Government and Cable & Wireless. He has held a number of international and domestic non-executive director's roles including Mobile1 (Singapore), Great Eastern Telecommunications (Cayman Islands), Monaco Telecom (Monaco), Liverpool Vision, British Railways Board, Railtrack Developments, Crossrail and Torex PLC. His particular skills are in delivering complex financial and operational restructurings.

His first restructuring experience was at Eurotunnel, where he headed up a number of Eurotunnel departments including Investor Relations, Treasury and Corporate Finance before being appointed to lead Eurotunnel's 1998 financial restructuring. In 1999 he was appointed to a senior Government position initially as Franchising Director then CEO of the Strategic Rail Authority. As Accounting Officer he was responsible for the British Government's £2 billion annual funding of the railways. After leaving the SRA he worked in a variety of posts at Cable & Wireless including Chairman of Cable & Wireless US which was sold through a US Chapter 11 process, CEO of Monaco Telecom and then led the initial integration of Energis following the £700m acquisition. He has recently completed an assignment as Strategic Adviser to the UK Parliamentary Estate and is currently assisting Deutsche Woolworth in restructuring its business.

Mike has a first class degree in Civil Engineering and began his career as a Civil Engineer, before completing an MBA, specialising in Finance, at London's City University Business School. He has also completed the Corporate Finance course at London Business School and the Advanced Management Programme at Harvard Business School. He taught Corporate Finance on the MBA at the Open University Business School. He is a Chartered Engineer, a Fellow of the Institution of Civil Engineers and Fellow of the Association of Corporate Treasurers.

For further information:
The Investment DarThe Investment Dar
Naji A. Soweidan
+965 22324045

Financial Dynamics
Jon Earl
+973 39300851

Hugh Barker
+971 502487620

© Press Release 2009

 

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