Global Investment House KSCC (GI5B), the Kuwaiti bank that restructured $1.7 billion of debt, hired Orhan Osmansoy to head its $600 million distressed asset-management business, two people with knowledge of the matter said.
Osmansoy, a former chief executive officer of Abu Dhabi-based The National Investor, will lead the so-called special situations asset-management business at Global, dealing with distressed assets and restructuring, the people said, declining to be identified as the information isn’t public.
He’s the latest of several senior hires at the Kuwait City-based bank as it focuses on its brokerage, asset management and investment-banking businesses. The firm said Jan. 7 that it appointed Michael Helou to head its investment-banking business, and in September named Raul Biancardi to lead its wealth and asset-management unit.
Global reached an agreement to restructure $1.7 billion of debt in 2009 before approaching creditors again two years later to seek a “more comprehensive restructuring,” it said at the time. It then delisted from the Kuwait Stock Exchange and transferred investment assets to a special purpose vehicle, which it manages for creditors.
The bank’s special-situations arm is charged with managing the SPV and will offer advisory and management services for other companies undertaking restructuring or looking to exit distressed assets, according to one of the people.
The most recent debt restructuring deal at Global involved the company creating two special purpose vehicles. One holds the company’s assets and debt totaling about $1.3 billion. The second received 122.2 million Kuwaiti dinars-worth of new shares to creditors, giving them a 70 percent stake in Global.
Osmansoy joined investment manager and advisory firm The National Investor in 2004. Prior to that, he was a managing partner at London-based investment company Dexter Capital Group.
Global has made an annual loss every year since 2008. The bank said it made a 6 million Kuwaiti dinar ($22 million) profit for the first nine months of last year, compared with a loss of 36 million Kuwaiti dinar in the same period of 2012.
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