The National reports that GFH has agreed repayment terms with on its US$100 million "Islamic" facility arranged by the Liquidity Management Center Bahrain.
US$20 million this month and then 4 equal installments of the remaining balance every six months commencing this September.
Interestingly enough, the US$300 million syndicate was able to secure a 66.7% immediate repayment, while the LMC syndicate only 20%.
If this report is true (see next paragraph), either GFH is really strapped for cash or the LMC syndicate of Islamic banks is being really kind. I'm guessing it's the former.
However, it should be noted though that this is not an official announcement but a report based on "an informed source".
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