Aston Martin part-owner applying for government support
By Andrew C., 30 Aug, 2010. 0 Comments
2012 Aston Martin Virage Coupe
To refinance its debt, Kuwait's Investment Dar is applying for support of up to $1 billion from a government facility created for troubled companies. Last year, a "Financial Stability Law" rescue package worth $5.2 billion was approved to aid Kuwaiti investment firms. Dar, which owns half of British carmaker Aston Martin, said that a process of legal protection under the terms of Kuwait's Financial Stability Law has been started.
According further to Dar's statement, over 80% of Investment Dar's banks and investors have approved the terms of the proposed restructuring plan but that a small minority of investors have resisted in supporting the plan. It also said that the restructuring foresaw a full repayment to creditors.
The facility would guarantee 50% of fresh loans banks provide to local firms. Last December, the firm reached a deal with its creditors and investors on a five-year debt restructuring plan. Since April, trading in Dar shares has been suspended, after it failed to timely submit its 2008 financial records. Credit Suisse is Dar‚ advisor with regards to the restructuring plan.
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