Citing sources at the company, AlQabas reports that Aayan received verbal approval from Kuwait Finance House to its proposal to reschedule its KD395 million (US$1.38 billion) outstanding debt at the end of last week.
As soon at the company secures the agreement of all its local creditors, it will approach foreign creditors and holders of its sukuk - who represent 25% of the total debt. Aayan has been negotiating with its creditors for about one year now.
Earlier post on restructuring proposal here. Other posts on Aayan (relating to suspension of trading on KSE) can be accessed by using the label "Aayan".
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