Gulf Investment Signs Accord to Reschedule $155 Million of Debt
Gulf Investment House, a Kuwait-based financial services company, agreed to reschedule payments on 43.5 million dinars ($155 million) of debt after the financial crisis crimped its ability to tap the market.
The five-year deal with Kuwait Finance House requires Gulf Investment to pay equal installments every six months until October 2017, when a final payment of 21.75 million dinars is scheduled, Gulf Investment said in a statement today. The first payment of 2 million dinars was made this month, it said.
Kuwaiti companies, including Global Investment House KSCC, are restructuring debt after the value of their assets collapsed and frozen debt markets prevented them from raising new loans. Aref Investment Group said in 2011 it planned to sell some of its assets to restructure 280 million dinars of loans.
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