Part-owner of Aston Martin refuses to sell its company share
By Andrew C., 30 Aug, 2010. 0 Comments
2012 Aston Martin Virage Volante
It was reported that a part-owner of Aston Martin has refused to sell its company share. The Kuwaiti investment group Investment Dar that owns 90 percent of Aston Martin together with other investors in a group led by David Richards, has been seeking buyers to build up capital. Back in 2007, the group had to pay $480 million for the stake in Aston Martin. This time, however, the company has told creditors that it will sell $600 million of assets in banking and industry in order to come up with its cash flow requirements.
The company has currently $2.4 billion in arrears The Kuwaiti investment group, which was began in 1994 by a group of Kuwaiti businessmen and shareholders, informed its lenders that its assets were currently valued at between $2.9 billion and $4.4 billion.
The creditors of Investment Dar is given three weeks to contemplate on the plan. Investment Dar said that it has received some expressions of interest in a stake in the company, but because of market conditions were too tough, these interests were consider to be too speculative at best.
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