Real estate related economic and financial news covering the MENA region.
Lenders approve delayed debt payment for Kuwait's Global
Jun 12, 2012
Kuwait's Global Investment House (GIH) has said creditor banks had approved a delay in repayment of principal and interest to November from June, days after bondholders also agreed to extend scheduled payments to later in the year, Reuters has reported. "The consent covers almost the entire conventional and Islamic lending arrangements of the company," GIH said. The company, which is undergoing its second debt restructuring in three years, also has the option to delay both sets of payments to banks for an additional month to December 10 at the discretion of lenders, it said.