NIG asks for $475 mln sukuk extension as maturity looms
Facing a debt issue, Kuwaiti investment firm National Industries Group Holding (NIG) asked creditors for extension. Since a $475-million sukuk matures next month, they asked for a four-year extension. The problem lies in refinancing the debt after borrowing costs rose, which firms who borrowed cheap short-term cash in the boom years to fund an asset-buying spree cannot complete.
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