Citing "sources close to the Creditors' Coordinating Committee", AlQabas reports that TID informed the Committee that its Board met two days ago and unanimously agreed to seek legal protection for its restructuring plan under Kuwait's Financial Stability Law. The Company has submitted an official request to the concerned authorities. A response is expected in approximately 14 days.
TID is holding creditor meetings in London to sweep up the banks that did not attend its Kuwait or Dubai briefings - mostly European banks.
TID will be the first investment company to avail itself of the "Chapter 11-like" provisions of the FSL. If accepted, the company will be able to cram down the dissenting creditors who have frustrated its attempt to implement the restructuring.
Still apparently unresolved are TID's 2008 audited financials. I expect not having these done might complicate matters under the FSL.
Still apparently unresolved are TID's 2008 audited financials. I expect not having these done might complicate matters under the FSL.
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