Kuwait’s Aref Group strikes debt restructuring deal

Filed on November 10, 2010

KUWAIT CITY — Aref Investment Group, a leading private Kuwaiti firm, on Wednesday signed an agreement with creditor banks to restructure a one-billion-dollar debt, a statement said.

The deal allows the group, troubled by the impact of the global financial crisis, to repay the debt over five years with an 18-month grace period, the group said in a statement posted on the Kuwaiti bourse website.

The agreement was arranged by Kuwait Finance House, the emirate’s largest Islamic lender, which led the creditor banks, most of which are Kuwaiti, according to the statement.

The group said a Kuwaiti bank with a loan worth three percent of the total debt refused to sign the deal, but did not elaborate.

Established in 1975, Aref is active in investments, real estate, energy and other sectors through several affiliates and subsidiaries. Kuwait Finance House holds a 52-percent stake in Aref.

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