Feb 08 2012 |
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Global Investment House Meets With Banks In Dubai On New Debt Restructuring
Wednesday, Feb 08, 2012
DUBAI (Zawya Dow Jones)--Kuwait's Global Investment House is meeting with bank creditors in Dubai Wednesday as it revisits a $1.73 billion debt restructuring agreed more than two years ago, according to two people familiar with the talks.
Global and its advisors are expected to present a number of restructuring options to the bank creditors and their advisors at today's meeting, according to one source familiar with the discussions.
A coordinating committee of creditor banks had already been meeting with Global to discuss the deal over the past few months, according to another person involved in the talks.
The company planned to manage and gradually sell a large portfolio of assets bought with its borrowings over the three-year restructuring period. But with global asset markets still strained, the firm was forced to ask banks for a moratorium on debt repayments last September as it renegotiated the original deal.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
08-02-12 0815GMT
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