IslamicFinance.de

Board Members and Management of The Investment Dar Company K.S.C.C. and the Coordinating Committee met with TID's Banks and Investors in Kuwait to provide an update on the Company's restructuring process.
At the meeting, TID's Banks and Investors were presented with the headline terms of the agreed ESP, as previously disclosed together with illustrative business, operational and governance plans for its implementation. Updates were also provided on individual assets and outstanding issues.

The Investment Dar Company has reached a restructuring deal with its largest creditors on its $3.7bn debt pile that includes a debt-for-equity swap.
TID's restructuring has been one of the longest-running and most convoluted in the Gulf, with a series of negotiations and breaks culminating in the dissolution of a previous co-ordinating committee of creditors late last year.

Kuwait's indebted The Investment Dar Company held its first face-to-face meeting with the reconstituted Coordinating Committee last Thursday in Dubai.
At the meeting, the documentation relating to the official engagement of the committee was finalised, it said, and added that committee membership now includes Jordan International Bank, ABC Islamic Bank, Lloyds TSB Middle East, Al Rajhi Bank, the Islamic Development Bank, Bank of Bahrain and Kuwait.