Global Investment House seeks second restructuring
Kuwait’s Global Investment House has entered talks with lenders for a second debt restructuring agreement. Global was one of the first Middle East borrowers to restructure its debt as a result of the global financial crisis. It finalised the restructuring of more than $1.7bn of debt in mid-January 2010.
On September 15 it held a meeting with its creditors to request the deferral of principal repayments that were to fall due in December, the deferral of an increase in the loan margin and the waiver of some covenants agreed under the original restructuring agreement.
These modifications are designed
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