Investment Dar and the Coordinating Committee present a comprehensive Restructuring Plan

December 8, 2009

The Investment Dar Co. K.S.C.C. (“TID”) and the Coordinating Committee of TID’s banks and investors (“Coordinating Committee”) presented a comprehensive restructuring plan to restructure TID’s financial arrangements with its wider bank and investor group in Kuwait and Dubai on 24 and 25 November, respectively.



Following a period of due diligence and constructive discussions between TID and the Coordinating Committee, agreement has been reached between the parties on the proposed restructuring plan. The proposed restructuring plan has been presented to TID's banks and investors for their support.



The proposed plan is based on a restructuring of the existing financial arrangements with scheduled amortizations over a five year period. As part of the presentations made to the banks and investors, TID management outlined the company's 5 year strategy. Under the actions envisaged in the business plan, TID will satisfy its financial arrangements in full over the five year period. In addition, the proposed plan would provide TID's banks and investors with an enforceable security package and the continued presence of a Chief Restructuring Officer to provide specific expertise and to underline the company's commitment to total transparency in the restructuring process going forward.



Adnan Al Musallam, Chairman and Managing Director commented: “We would like to thank all our banks and investors, particularly the Coordinating Committee, for their patience, co-operation and commitment they have demonstrated. The impact of the global financial crisis is still being felt across the region. With this backdrop, we were encouraged by the constructive discussions with our banks and investors at the latest meetings and we look forward to working with them to conclude the proposed restructuring expeditiously. TID is firmly committed to the process.”