Investment Dar agrees debt restructuring
The restructuring plan envisages TID’s shareholders injecting KD20m ($71.5m) into the company, creditors taking a 10 per cent stake in TID, and full repayment of KD1.05bn over six to eight years.
Reaching an agreement has been complicated by TID’s status as an Islamic investment company, which means that its debts carry a “profit rate” rather than normal interest, regulatory hurdles and disagreements between creditors – a mix of international and local banks and investors.
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