Middle East Focus: Sign of the Times: Aston Martin Gulf Owners in Trouble………..

Arabia Deserta

Sign of the Times: Aston Martin Gulf Owners in Trouble………..

“Investment Dar, the troubled Kuwaiti firm that owns half of luxury British carmaker Aston Martin, said on Saturday it has filed for legal protection under Kuwait's financial stability law."Investment Dar announces today that it has started a process of legal protection under the terms of Kuwait’s Financial Stability Law," a company statement said. The company, which has debts of over three billion dollars, said the move aims at pushing through a debt restructuring plan that is backed by more than 80 percent of creditors but is opposed by a minority. Dar will be the first company to resort to the financial stability law since it was enacted about a year ago with the aim of helping Kuwaiti banks and investment firms against the fallouts of the global financial crisis. ….. In the same month, Kuwait's central bank appointed a temporary administrator to oversee business at Investment Dar, which has already defaulted on its debt. The company's shares have been suspended from trading on the Kuwait Stock Exchange since last April 1 for failure to report 2008 financial results……….. In December, Kuwait's top investment firm, Global Investment House, struck a a deal with creditors to restructure loans worth over 1.7 billion dollars……… “

WTF drives Aston Martin these days? Beautiful car, we used to have dry dreams about it. But the times they are achanging.
Cheers
mhg

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