Thursday, May 23, 2013
BEIRUT (Zawya Dow Jones)--Kuwait's Abyaar Real Estate Development Co. (ABYAAR.KW) is in talks with a local bank to reschedule a debt owed by the company worth 13.8 million Kuwaiti dinars ($48.16 million), Kuwait-based Al Rai daily reports Thursday citing an executive.
Abyaar settled KWD58 million of its overall debt and financial obligations in 2012 as part of its restructuring plan, Marzooq Al Rashdan, the property developer's chairman, said according to the newspaper.
It had also rescheduled a debt of KWD2.3 million--owed to a bank in the Gulf region--over four years, he added.
The company's total liabilities fell to KWD98.86 million at the end of 2012 from KWD156.6 million a year earlier, according to Zawya.com data.
Newspaper website: http://www.alraimedia.com/Article.aspx?id=437961&date=23052013
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(END) Dow Jones Newswires
23-05-13 0627GMT
