The press release notes that in addition to engaging KPMG Advisory WLL IIG has hired the Law Office of AlWaqayan, AlAwadhi and AlSaif (local Kuwaiti law firm) and DLA Piper (international law firm). It is also looking to set up a committee (the NasdaqDubai press release uses the more elegant word "forum") to negotiate with creditors.
As noted before, an interim report from KPMG is expected at the end of May with the "final" at the end of June. As per my earlier post, this appears to be a rather preliminary report.
Now creditors would be naturally concerned when their obligor misses the payment of what some might characterize as a relatively trivial sum of US$3.4 million for interest.
Notwithstanding the above announcement IIG wishes to confirm that IIG's and its associated businesses continue to trade on a normal basis and the day to day operations of such businesses have not been effected by the above event.While an interesting definition of what is "normal", this belated entry into our competition is clearly not strong enough to cause our distinguished panel of judge (AA) to reverse the earlier award to Dr. Adnan Musallam and TID. Though I suspect there will be additional opportunities for further entries as time passes.
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