Kuwaiti finance house, The Investment Dar (TID), has signed an agreement with its creditors to restructure its $3.7 billion debt, Financial Times reports. As per the deal, TID’s shareholders will invest $71.5 million in the company, while creditors will take a 10% stake in TID.
The deal will divide TID’s debts into two tranches, a $1.445 billion senior facility and another $2.141 billion junior profit participation facility that will also be paid back over six years. The shareholders will have the chance to regain the 10% debt-for-equity swap if the debt repayments are made in full.
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