Investment Dar announces today that a majority of its banks and investors have now joined the Standstill Agreement previously entered into with the Coordinating Committee of its banks and investors.
Investment Dar also recently announced that it will present the initial terms of the consensual restructuring plan agreed with the Coordinating Committee at meetings in Kuwait and Dubai on 24 and 25 November respectively.
Invitations have already been issued by TID and the Coordinating Committee to the Company’s banks and investors to attend these meetings. During these meetings, the Company and the Coordinating Committee will update the banks and investors on their efforts to date and plan to present the terms of the proposed restructuring plan agreed following a period of constructive negotiations. The banks and investors will then have a period to review the terms of the proposed restructuring plan.
Adnan Al Musallam, Chairman and Chief Executive Officer of Investment Dar commented:
“Our restructuring process is making good progress. The process will only be aided by a Standstill Agreement being in place, enabling The Investment Dar, the Coordinating Committee and its banks and investors to focus on consummating a consensual restructuring plan expeditiously. We remain committed to the process and we look forward to being able to discuss further the proposal agreed with the Coordinating Committee next week with our banks and investors in Kuwait and Dubai.”