Global Investment First-Quarter Loss Narrows on Asset Sales

Global Investment House KSCC said its first-quarter loss narrowed after the Kuwaiti investment bank gained from asset sales and reduced losses at its associates.

The bank had a loss of 11 million dinars ($39.2 million) compared with 22 million dinars a year earlier, Global said in a statement on the Dubai bourse today. The bank gained 2 million dinars from the sale of financial assets, and losses at affiliates fell to 2.5 million dinars from 6.8 million dinars.

Global Investment, which reorganized $1.73 billion of debt in 2009, said yesterday it will hold meetings with bondholders on June 7 as part of the restructuring process. The company said May 14 it continued to make progress in talks with lenders, who were requested to “extend existing waivers/deferrals expiring on June 10 and to grant other necessary waivers/deferrals.”

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

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