May 28 2012
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Kuwait Coast Invest In Talks With 5 Bks To Reschedule KWD65M Debt-Report
Monday, May 28, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's Coast Investment and Development Co. (COAST.KW) has reached an advanced stage in talks with five local banks to reschedule an outstanding debt of 65 million Kuwaiti dinars ($232 million), Kuwait-based Al Anba daily reports Monday citing an executive.
The talks aim to reschedule the debt from a short-term into a long-term debt, Khaled Al Usaimi, the company's chief executive, said according to the paper.
Coast Investment reimbursed KWD17.1 million of its loans in 2011 along with KWD3.77 million of due interest which brought its total repayments to banks since the onset of the financial crisis in 2008 to KWD78.6 million, the daily cites him as saying.
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
(END) Dow Jones Newswires
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