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September 28, 2009

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Investment Dar suspends claims

THE Kuwaiti Islamic investment firm that owns half of British luxury car marker Aston Martin said yesterday it has agreed with its lenders to suspend their claims while it looks to restructure its debt.

The Investment Dar is one of several Kuwaiti banks and investment houses to run into trouble as the global economic meltdown hammered the oil rich Gulf Arab state. The announcement of the so-called standstill agreement marked the latest step by the company to shore up support after it defaulted in April on a payment on a US$100 million Islamic bond amid ongoing efforts to restructure debt.


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