Investment Dar - Announces Majority Approval of Standstill

On 16 November Investment Dar issued a press release that a majority of its banks and investors had approved the Standstill Agreement.

This means that Suq Al Mal's earlier post was incorrect.  Or at least is as of today,

From the wording in today's press release, it's clear that a majority was not achieved  until today.   Unlike formal political elections, there is always room to count positive votes after the "deadline".  Presumably votes from the more distant precincts trickled in over the weekend.  Or a few "hanging chads" were resolved.

In any case, this is good news for TID who are now set to present their proposed restructuring plan to  their banks and other creditors on 24th and 25th November.

Who knows in the next day or two we might actually see a press release that both mentions who the Co-Ordinating Committee are and hear an endorsement of the plan from them!