Global Investment House initiates discussions with lending banks who agree to form a steering committee to take the process forward
Global Investment House KSC (“Global” or the “Company”) announces that HSBC Bank has been appointed as international financial adviser to renegotiate the existing credit facilities' terms with lending banks in addition to the previous appointment of CBK Capital as local financial adviser.
The debt restructuring process was formally commenced today following a well attended meeting in Kuwait with the Company’s bank lenders. The banks have agreed to form a steering committee to continue discussions with the Company and its advisers. The management of Global is committed to resolving the process as quickly as possible and is confident that this will be achieved to the benefit of all stakeholders.
Maha Al-Ghunaim, Chairperson and Managing Director added, “We are very focussed on the long-term interests of our lenders, clients, employees and shareholders and expect to reach an agreement with our financing providers soon.”
Omar El-Quqa, Executive Vice President, commented, “We are pleased with the outcome of today’s meeting and look forward to constructive discussions with our lenders. We are encouraged by the support that we have already received from some of our lending banks.”
