Kuwait's Al Deera proposes $42mln debt settlement plan

The debt settlement was suggested to be carried out through the issuing of Al Deera shares

  

Kuwait - Al Deera Holding’s board of directors on Thursday discussed a proposal to settle its due debts, which totalled KWD 12.82 million.

The debt settlement was suggested to be carried out through the issuing of Al Deera shares, the company said in a statement to Boursa Kuwait.

The board recommended discussing the proposal of loss amortisation and debt capitalisation before the next hold an extraordinary general assembly.

The financial impact of the proposal hinges on the assembly’s decision over the matter, Al Deera noted.

It is worth pointing out that Al Deera was in talks with its lenders to capitalise these debts, within its strategy to reduce expenses and lift financial burdens.

Source: Mubasher

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