Kuwait's Investment Dar Company seeks 50% debt cut

TID owns a part of British automaker Aston Martin Kuwait's Investment Dar Company (TID) has asked creditors to take a 50 percent writedown on its debt, as it seeks to meet repayments after defaulting on a loan three years ago, Bloomberg has reported. Under the optional plan, creditors will receive a cash payment totalling 5.7 percent of their outstanding debt and a portion of a new Islamic loan equal to about 44 percent of their current exposure, sources said, asking not to be identified as details aren't public.
Investment Dar's stake in Aston Martin and real estate holdings will be among assets backing the new credit facility, according to Bloomberg's sources.