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- Bahrain All Share Index, Islamic Index close higher
- CMA compensates 17,000 investors with SR1.196 billion in Dar Alarkan case
- Kuwait seeks to expand aviation ties, strengthen international cooperation
- Opec+ plans another oil output hike in November
- Oman's central bank issues treasury bills worth OMR2.25mn
- Dar Al Arkan to launch landmark Manhattan masterplan in Jeddah
- Accor to develop portfolio of over 3,000 keys in Saudi Arabia
- OIA expands global AI portfolio with UK-based Salience Labs
- Qatar awards $3.3bn worth 13 infrastructure contracts
- talabat improves insurance coverage benefits for delivery riders in UAE
06/02/2011 00:00 AST
Gulfinvest International, dropped from the list of investment firms in Kuwait, on Sunday said its creditors may own a stake in the company as part of initial approval for its debt restructuring plan.
'Creditors will keep the guarantees they have and transfer the (debt) not covered by guarantees into a contribution in the company's capital,' the company said in a statement on the Kuwait bourse website. This would mean the company has settled all its debts, it added.
Under the plan, current shareholders will have the priority to own a stake in the new capital, the company said, adding that a new strategic partner will be allowed in after consultation with the firm's restructuring adviser.
Last year, Gulfinvest defaulted on a Dh200 million ($54.47 million) loan from Abu Dhabi Commercial Bank for which investment bank Shuaa Capital was a guarantor.
Kuwait's central bank last Monday removed the company from the list of investment firms in the country.
Kuwaiti investment houses were hard hit by the financial crisis, which prompted the government of the world's fourth-largest oil exporter to approve a $5 billion rescue package in 2009.
Reuters
25/02/2011
Gulfinvest International, dropped from the list of investment firms in Kuwait, was asked by the Ministry of Trade and Industry to liquidate its assets, a local paper said on Thursday citing sources.
Agencies
25/02/2011
Gulfinvest International, dropped from the list of investment firms in Kuwait, was asked by the Ministry of Trade and Industry to liquidate its assets, a local paper said on Thursday citing sources.
Reuters
01/02/2011
Kuwait's central bank has cut Gulfinvest International from the list of investment firms operating in the Gulf state, the firm reported on Monday, in what an analyst said was a step towards liquidati
Reuters
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"Th
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