Investment Dar Receives Support and approval of more than 2/3 of the Banks and investors for the Restructuring Plan
December 25, 2009
The Investment Dar Co. K.S.C.C. (“TID”) and the Coordinating Committee of banks and investors (“Coordinating Committee”) of TID and the Investment Dar Bank (“IDB”) are pleased to announce that they have received the support of over 2/3 of TID and IDB banks and investors for the restructuring plan presented in Kuwait City and Dubai on November 24 and 25. As a result, TID and the Coordinating Committee are proceeding with the final implementation of the proposed restructuring plan and are aiming to complete this process as quickly aspossible.Adnan Al Musallam, Chairman and Managing Director commented: “We are delighted with the overwhelming support for the restructuring plan and would like to thank all our banks and investors for their commitment during these challenging times. We would also like to extend our thanks to Sheikh Salem Abdulaziz Al-Sabah, the Governor of The Central Bank of Kuwait and his team for their understanding and pertinence, to Dr. Eid Al Zafiri, The Central Bank Monitor for his kind support and effort. Our thanks also go to H. E.Rasheed Mohammed Al Maraj Governor of the Central Bank of Bahrain and Mr. Khalid Hamad Abdul-Rahman Hamad Executive Director - Banking Supervision of the Central Bank in Bahrain for all their support. TID is committed to complete the proposed restructuring as quickly as possible”
Bader Al-Ali, as spokesperson on behalf of the Coordinating Committee, commented: “We are delighted to have achieved this important milestone and would like to thank all banks and investors for their strong support and commitment to this complex restructuring process. We are looking forward to working with the consenting banks and investors to wards a final implementation and quick resolution of this matter. In the meantime, we continue to encourage the small minority of banks and investors who have not yet expressed their support to do so as quickly as possible in order for them to be included in the final implementation phase.”
