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The Investment Dar seeks protection from Kuwait’s financial stability law
The Investment Dar, the troubled Kuwaiti firm that owns half of luxury British carmaker Aston Martin, said yesterday it has filed for legal protection under Kuwait’s financial stability law.
The company, which has debts of over $3 billion, said the move aims at pushing through a debt restructuring plan that is backed by more than 80 per cent of creditors but is opposed by a minority.
If the request is accepted, it will halt all legal actions against Kuwait’s top Islamic investment firm.
Dar will be the first company to resort to the financial stability law since it was enacted about a year ago with the aim of helping Kuwaiti banks and investment firms against the fallouts of the global financial crisis.
The restructuring plan envisages a full repayment by Investment Dar of its financial arrangements to all of its banks and investors, the statement said.
It stressed that it will not seek financial support from the government by coming under the stability law, but wants a legal framework to implement the restructuring plan.
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