Kuwait’s largest investment bank says it is in default on the majority of its debt.
The announcement by Global Investment House on Thursday marks another blow for the firm, which had been meeting with creditors about restructuring almost US$3 billion in loans.
Global said as a result of a capital repayment default in December, it was “in default on the majority of its financial indebtedness.”
In December, two international agencies had downgraded its credit rating on default worries after Global missed the Dec. 15 repayment of a maturing $200 million loan.
Global had retained CBK Capital and HSBC Holdings as financial advisers.
It says it “continues to service all its interest and coupon payments in a timely basis.”