Investment Dar

Announcement issued by The Investment Dar Company

Sat, 03 Apr 2010 11:45:00 AM

The Investment Dar Company KSCC , announces that the Kuwaiti Court of the First Instance entered a preliminary judgment declaring the lack of jurisdiction of the said court in the commercial lawsuit filed by The Investment Dar Company against the Commercial Bank of Kuwait for the annulment of the sale of the Boubyan Bank shares owned by Investment Dar . Investment Dar will appeal this judgment as it is a preliminary (non-final) judgment in its nature to the Appellate Court of Kuwait. . Investment Dar further asserts that the trading on the relevant Boubyan Bank shares continues to be halted until the conclusion in the disputed case and the entering of a final and executable judgment in accordance with an earlier ruling No. 1505/2009 by the Appellate Court Unit 3 Urgent Appeals Court and registered under ruling No. 539/2009, which resulted in the halt in trading on 221,425,059 shares (Two hundred and twenty-one million four hundred and twenty-five and Fifty-nine shares) of Boubyan Bank owned by Investment Dar the title of which are temporarily registered under Commercial Bank of Kuwait until such dispute comes to an end through a final and executable ruling by the court.

Investment Dar’s Application to Enter into Financial Stability Law Accepted

Sun, 14 Mar 2010 02:38:00 PM

The Kuwaiti Legal counsel of the Investment Dar confirms thatthe application of 9 March 2010 to Kuwait’s Special Circuit Court filed onbehalf of the Company to enter into Kuwait’s Financial Stability Law has been acceptedby the Court last Thursday.In accordance with the articles of the Financial StabilityLaw, all litigation and execution of judgments against the Company from aminority of banks and investors will be stayed until the restructuring plan hasbeen approved by the court. Under theterms of the restructuring plan, to which more than 80% of Investment Dar’s banksand investors have approved, it is envisaged that the Company will make fullrepayment of the financial arrangements with all its banks and investors. The implementation of the restructuring planwill be monitored by the Central Bank of Kuwait.The approval by the Special Circuit Court is the latest stepin a court-assisted process that will enable the approved restructuring plan tobe implemented by providing an appropriate legal mechanism for the Company.Kuwait’s Financial Stability Law was brought into being in2009 on the advice of Kuwait’s financial crisis team, headed by Sheikh SalemAbdulaziz Al Sabah, the Governor of the Central Bank of Kuwait. The law was created to provide support toKuwait’s investment sector during the global financial crisis by offeringliquidity as well as the means to restructure operational companies with solid assets. /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:Arial; mso-bidi-theme-font:minor-bidi;}

Investment Dar Files for Legal Protection Under Kuwait’s Financial Stability Law

Fri, 12 Mar 2010 07:34:00 PM

Investment Dar announces today that it has started a process of legal protection under the terms of Kuwait’s Financial Stability Law (“FSL”). Following a series of meetings with its Coordinating Committee, banks and investors in Kuwait, Dubai and London informing them of the company's intention to file for legal protection under the terms of the FSL, Investment Dar has submitted an application to Kuwait’s Special Circuit Court of Appeal for a court-assisted process of implementation of the restructuring plan which has received the support of the majority of its banks and investors. Although the terms of the proposed restructuring plan has been approved by more than 80% of Investment Dar’s banks and investors, a small minority of investors have continued to resist supporting the plan, which, if implemented, envisages a full repayment by Investment Dar of its financial arrangements to all of its banks and investors. It is expected by Investment Dar and the Coordinating Committee that entry into the FSL will provide a legal mechanism that will allow the agreed restructuring to be implemented, with a stay of all litigation and executions from dissenting investors which could otherwise affect the implementation process. Entry into the FSL, which was unanimously supported by the Investment Dar’s Board, will not affect the legalor operational status of the Company, and it will continue operating as aninvestment business with a portfolio of value-generating assets across different sectors and markets. Investment Dar is not seeking financial support in making its repayments under the terms of the FSL from the government, but a legal framework to implement its already well supported plan. st1\:*{behavior:url(#ieooui) }  /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:Arial; mso-bidi-theme-font:minor-bidi;}

Kuwait Bank and Investor Meeting Held, Implementation of the Plan Discussed

Mon, 08 Mar 2010 10:09:00 AM

InvestmentDar (“the Company”) and the Coordinating Committee representing the banks andinvestors met today in Kuwait with the banks and investors to update on theprogress of the Restructuring Plan and its key achievements to date, includingthe preparation of all legal documentation and structures, as well as how theplan would be implemented. As a means of implementing the RestructuringPlan, which has the support of over 80% of TID’s banks and investors, theCoordinating Committee and the Company discussed an option of utilising Kuwait’sFinancial Stability Law.Since majority agreement to the proposed restructuring plan was secured, asmall minority of investors have continued to resist supporting the plan,which, if implemented, envisages a full repayment of the financial arrangementswith all its banks and investors. The Financial Stability Law provides alegal mechanism which the Company and the Coordinating Committee expect willallow the agreed plan to be implemented, with a stay of legal claims fromdissenting banks and investors which could frustrate the process.Entry into the Financial Stability Law, which is subject to TID Board approval,will not affect the legal or operational status of Investment Dar, and it willcontinue as a going concern as an investment business with a portfolio of valuegenerating assets across different sectors and markets. Investment Dar wouldnot seek financial support in making its repayments, but a legal frameworkto implement its well supported plan. st1\:*{behavior:url(#ieooui) }  /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:Arial; mso-bidi-theme-font:minor-bidi;}

Investment Dar Receives Support and approval of more than 2/3 of the Banks and investors for the Restructuring Plan

Fri, 25 Dec 2009 12:47:00 AM

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.”

Investment Dar and the Coordinating Committee present a comprehensive Restructuring Plan

Tue, 08 Dec 2009 12:01:00 AM

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.”

Investment Dar Reaches Majority Agreement on Standstill

Mon, 16 Nov 2009 09:13:00 PM

Investment Dar announces today that a majority of its banks and investors have now joined the Standstill Agreement previously entered into with the Coordinating Committee of its banks and investors.   Investment Dar also recently announced that it will present the initial terms of the consensual restructuring plan agreed with the Coordinating Committee at meetings in Kuwait and Dubai on 24 and 25 November respectively.   Invitations have already been issued by TID and the Coordinating Committee to the Company’s banks and investors to attend these meetings. During these meetings, the Company and the Coordinating Committee will update the banks and investors on their efforts to date and plan to present the terms of the proposed restructuring plan agreed following a period of constructive negotiations. The banks and investors will then have a period to review the terms of the proposed restructuring plan.  Adnan Al Musallam, Chairman and Chief Executive Officer of Investment Dar commented:  “Our restructuring process is making good progress. The process will only be aided by a Standstill Agreement being in place, enabling The Investment Dar, the Coordinating Committee and its banks and investors to focus on consummating a consensual restructuring plan expeditiously. We remain committed to the process and we look forward to being able to discuss further the proposal agreed with the Coordinating Committee next week with our banks and investors in Kuwait and Dubai.”

Investment Dar Restructuring Progress Update

Sat, 14 Nov 2009 09:00:00 PM

Kuwait City – 12 November 2009 - The Investment Dar Co. K.S.C.C. announces that the Company and the Coordinating Committee of TID's banks and investors will present the terms of a proposed restructuring plan to TID's banks and investors at meetings in Kuwait and Dubai on 24 and 25 November respectively.  Such agreement represents the culmination of a constructive period of negotiation between TID and the Coordinating Committee, throughout which every effort has been made to continue to treat all TID’s banks and investors equally and to produce a consensual restructuring plan.  Invitations are being issued to TID’s banks and investors to attend meetings in Kuwait and Dubai on 24 and 25 November respectively, at which the proposed restructuring plan will be discussed further. Following which, TID’s banks and investors will have a period to review and consider approving the proposed restructuring plan.   Adnan Al Musallam, Chairman and Chief Executive Officer of Investment Dar commented:   “We look forward to discussing the proposed restructuring plan with our banks and investors and we remain fully committed to the consensual restructuring process.”

Investment Dar Restructuring Progress Update

Mon, 12 Oct 2009 04:19:00 PM

The Investment Dar Co. K.S.C.C. announced today that the Company and the Coordinating Committee of TID's banks and investors have agreed to extend the milestone dates in the Standstill Agreement.As part of its efforts to treat all of its banks and investors fairly in its restructuring process, The Investment Dar has agreed with the Coordinating Committee to extend the initial deadline of 15 October. The intention is that the revised timeline will give a greater opportunity for TID’s banks and investors to actively participate in the standstill process. As such; the new date by when TID’s banks and investors can accede to the Standstill Agreement is 12 November.The timetable extension will enable those investors, primarily those represented by intermediaries, such as sukuk holders and wakala investors, additional time to consider the Standstill Agreement.Having agreed a Standstill Agreement with the Coordinating Committee on 17 September 2009, The Investment Dar appointed a Chief Restructuring Officer, Mike Grant, an experienced turnaround director. Mr Grant will co-lead together with the executive management of The Investment Dar all matters required to negotiate and implement a consensual restructuring plan, discussions relating to which are ongoing between the Company and the Coordinating Committee.Adnan Al Musallam, Chairman and Chief Executive Officer of Investment Dar, said, "We are making good progress in our efforts to restructure our business and we feel that it is only appropriate that we offer our banks and investors the necessary time to consider the Standstill Agreement. The extension will help in attaining our mutual objective of reaching a consensual restructuring plan expeditiously."Mike Grant, Chief Restructuring Officer of Investment Dar, added, "In the short time that I have been engaged with the Company I can already see the commitment from the Company, the Coordinating Committee and the advisers to conclude this highly complex restructuring promptly. Importantly, the mutually agreed extension does not affect our discussions regarding the consensual restructuring plan, and these continue in parallel in a constructive manner."

Investment Dar Appoints Chief Restructuring Officer

Sun, 04 Oct 2009 12:00:00 AM

As referred to in its announcement last week, The Investment Dar Co. K.S.C.C. now announces the appointment of Mike Grant, as Chief Restructuring Officer to the Company on a consultancy basis to assist the Company with its ongoing financial restructuring.Mr. Grant , a partner at Aaronite Partners, a London based specialist turnaround consultancy practice, currently brings over 20 years of specialist restructuring experience to the Company and has led some of the largest and most complex restructuring projects of recent times; having been appointed to senior positions in Eurotunnel, Railtrack, the UK Government and Cable & Wireless. The appointment of a Chief Restructuring Officer is the fulfillment of a key element of the recently announced Standstill Agreement which the Company is encouraging all of its banks and investors and investor clients of The Investment Dar Bank to enter into and has already been entered into with all of the members of the Coordinating Committee.The CRO will co-lead together with the executive management of the Company all matters required to negotiate and implement a consensual restructuring plan, discussions relating to which are ongoing between the Company and the Coordinating Committee.The Investment Dar Chairman and Chief Executive Officer, Adnan Al Musallam commented:"We are pleased to welcome Mr. Grant as our Chief Restructuring Officer. His wealth of expertise and experience will be invaluable to our restructuring process and the implementation of a consensual restructuring plan in the best interests of all of TID’s stakeholders."