The Kuwaiti Islamic investment firm that owns half of British luxury car marker Aston Martin said Sunday it has agreed with its lenders to suspend their claims while it looks to restructure its debt.
The Investment Dar is one of several Kuwaiti banks and investment houses to run into trouble as the global economic meltdown hammered the tiny oil rich Gulf Arab state.
The announcement of the so-called standstill agreement marked the latest step by the company to shore up support after it defaulted in April on a payment on a $100 million Islamic bond amid ongoing efforts to restructure debt.
“The consenting banks and investors will, for the duration of the standstill agreement, suspend individual claims relating to investment arrangements,” TID said in a statement, adding that it had asked investors and banks to detail the “size and nature of their claims” against the company.
Along with the British luxury car maker, Investment Dar also holds a range of banking and property investments.
The company said late last year it was looking to borrow $1 billion to refinance its debt, and had appointed Credit Suisse as an adviser in the restructuring process.