IslamicFinance.de

Tribonian Law Advisors (TLA) acted as lead counsel to The Investment Dar K.S.C. (TID) in a transaction that involved a $1.2 billion settlement in kind with just under a third of its creditors by value. Participating creditors settled existing FSL claims at a significant discount in exchange for cash, debt and equity participation in a newly formed Jersey entity, to which various assets of TID were transferred. The debt in the Jersey entity was structured on a loan-to-value basis and provided enhanced security and information rights. Approximately 29 per cent of TID’s creditors elected to participate in the transaction. Non-participating lenders benefited from the transaction by seeing a 2.1x multiple reduction in the liabilities settled versus the realisable asset value which was contributed to the Jersey entity.

After the debt troubles of Kuwait's Investment Dar (TID) of the past few years, some creditors are hoping for their first payment in June. However, creditors are still concerned over Investment Dar’s court-agreed repayment schedule. The asset disposal plan is reportedly making progress, against a tough economic backdrop, while resisting pressure to sell at distressed prices to buyers who sense a desperate vendor. The debt plan agreed by the court split the creditors into three groups, with repayment over eight and a half years.

After a meeting of The Board of Directors ("the Board") of The Investment Dar on the Nov 25, 2010, the Company issues the following update on its financial restructuring.
The letter gave notice of the CC's resignation effective at the close of business Nov 28, 2010 to immediately begin negotiations on an alternative 'Debt for Equity' proposal and to issue invitations to shareholders to attend an OGM/EGM to discuss a restructuring plan based on this principle.

Kuwait's Investment Dar, the Islamic firm that co-owns British luxury carmaker Aston Martin, has received approval from almost 80% of creditors for a five-year plan to restructure about one billion dinars ($3.5 billion) of debt, two persons familiar with the plan told Zawya Dow Jones.

The Investment Dar Co. K.S.C.C. ("TID") and the Coordinating Committee of TID's banks and investors ("Coordinating Committee") presented a comprehensive restructuring plan to restructure TID's financial arrangements with its wider bank and investor group in Kuwait and Dubai on 24 and 25 November, respectively.

The Investment Dar Co.The Investment Dar Co.held its latest financial restructuring update meeting in Dubai on Monday 8 June 2009 with its banks and investors. The firm expects its audited results soon. Morgan Stanley is appointed by the steering committee for debt restructuring as their financial advisor.

NO BAILOUT: Investment Dar has denied media reports that it is in talks with the Central Bank of Kuwait over a bailout.

The Investment Dar announces that the release of its financial results for the year ended 31 December 2008 has been delayed as a result of additional reporting requirements from the Company's subsidiaries and associates. The Company has been in dialogue with the Kuwaiti regulatory authorities regarding this issue.

As of 1 April 2009, the Kuwait Stock Exchange suspended trading in the companie's shares until further notice as a result of the postponement of the release of its full year financial results for the year ended 31 December 2008. The same action was taken for a number of other Kuwait Stock Exchange listed companies.