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Kuwait International Signs Aref Restructuring Deal, Anba Reports

Jan. 4 (Bloomberg) -- Kuwait International Bank reached an agreement with Aref Investment Group to restructure $35 million of Aref Investment’s debt, Al-Anba reported, citing a statement from the bank.

Kuwait International joins others lenders who already agreed to restructure Aref Investment debt, the newspaper said.

Aref Investment signed a five-year agreement with creditors to restructure about 280 million dinars ($996 million) of debt, giving the Kuwaiti investment company an 18-month grace period, Kuwait Finance House said in November. Kuwait Finance, the country’s largest Islamic bank, is leading the plan.

Burgan Bank SAK, Al-Ahli Bank of Kuwait and Kuwait International Bank are among the lenders that have agreed to the plan, Kuwait Finance said.

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 at shajimathew@bloomberg.net

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