(MENAFN) Kuwait's Investment Dar is set to agree on USD2.8 billion debt restructuring plan despite minority resistance by some investors, Gulf Daily News reported.
The company secured around 60 percent support for the plan in which creditors will voluntarily exchange debt for a direct debt claim and equity stake in a new holding company so its ownership will be given to Investment Dar's assets.
The original debt deal was in 2011 and reached USD3.37 billion. The firm then paid some creditors and settled with others in deals that involved exchanging debt for a stake in assets.
Kuwait Finance House (KFH) rejected Dar's plan and is set to take all possible legal measures to collect the debt it is owed. KFH holds about 6 percent of the debt Investment Dar is aiming to restructure.
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