IIG is pleased to announce that significant progress has been made in relation to its restructuring.
IIG has sought to procure the support of its creditors to the terms of a restructuring proposal that IIG hopes will preserve value for all stakeholders.
We are pleased to report a significant milestone has been achieved in the process of restructuring all of IIG's liabilities, including the US$200,000,000 trust certificates (Sukuk-al-Mudarabah) due 2012 which certificates represent 75% of IIG's total liabilities. On 8 March 2012, IIG together with certain holders holding a majority in principal amount of the certificates entered into a detailed term sheet pursuant to which the main terms of the proposed restructuring were agreed in principle.
The term sheet is intended to be a road map for the restructuring and form the basis of the final restructuring documentation.
It should be noted that as the parties to the term sheet comprise a majority by value of the certificate holders pursuant to US$200,000,000 trust certificates (Sukuk-al-Mudarabah) due by 2012, IIG already enjoys significant support for the proposed restructuring. Discussions are on-going with other creditors. Initial discussions would indicate that the restructuring plan is likely to enjoy significant creditor support.
IIG is confident that the restructuring will be finalised in due course and that once concluded the restructuring will be beneficial to all stakeholders. As part of the restructuring approval process, a formal meeting of certificate holders will be convened.
Subject to providing evidence of their entitlement in appropriate form and subject to the prior execution and delivery to IIG of a confidentiality letter in a form provided by IIG, holders of trust certificates referred above may obtain a copy of the term sheet and related information from IIG, upon written request by e-mail to the below address.
For further information:
Mahmoud Hassib
email: mahmoud.hassib@iigkw.com
© Press Release 2012
