The Investment Dar - More Creditors Agree to Restructuring?

Under the headline "80% of Creditors Approve Dar Debt Plan" Maktoob carries a story that additional creditors have agree to the restructuring.

Some quotes and comments.

1. Almost 80% have signed or will sign in the coming days," one person familiar with the plan said. "The number of creditors could reach as much as 90% in the next month or two."  AA:  Since implementation of the deal is being held as more creditors' approval is sought/obtained, I still wonder what the reference to the required two-thirds majority means.  If two-thirds were enough, then it would seem given TID's timeline work should be proceeding full bore.
2. Dar is expected to sell most of its assets to pay its debts after saying in May it had defaulted on a $100 million Islamic bond, or sukuk, as the Shariah compliant investment firm ran into trouble due to the global financial crisis.  AA:  The firm ran into trouble because of its business and business model.  The financial crisis was a contributing factor not the primary cause.  
3. A nine-member committee representing banks and creditors, that include HSBC Holding and Lloyds Banking Group, was set up to help arrange the restructuring of Dar's debt.  AA:  In terms of visibility, the Creditors' Committee has been largely invisible.  Bader Abdullah Al Ali , CEO,  of  Gulf Investment House, a relatively modest-sized regional investment bank has been the public spokesman in all the press statements I've seen.  Perhaps, this is because the majority of holdouts are local banks and it was felt that a local face would be more effective in securing approval from holdouts?
4. "In terms of the process, the legal framework for the proposal has yet to be drawn up," another person said.  AA:  If this is true, another indication that the deal is not yet done.  One would expect that lawyers would be busily scrivening away to meet the desired February close because once they prepare draft legal agreements the creditors have to be given time to review them and provide their comments which leads to another drafting round.
5. "The parties would like to be done by the end of February."  AA:  AA would like to own 23 Severn Road in Hong Kong, though I will settle for 10 Big Wave Bay Road.  Unless there is a miracle, both AA and the "parties" are likely to be disappointed with their respective wishes.   

More on TID by using the label "The Investment Dar" on the home page of this blog.