International Investment Group Misses Another Sukuk Payment - Headed for Rescheduling

IIG issued the following announcement on the Nasdaq Dubai earlier today.

12 Apr 2010 - 16:11:22

IIG Funding Limited - International Investment Group KSCC (IIG)

Kindly be advised that IIG has communicated to the Sukukholders through IIG Funding Limited (Issuer of its US$ 200 million Sukuk) of its inability to make the Periodic Distribution Amount of USD$ 3,353,062.50, due on April 12^th, 2010 (being the first business day after April 10^th, 2010, scheduled for the distribution.)

 IIG has appointed an international consulting firm in relation to carrying out an independent business review, preceding a detailed financial restructuring at a later date.

You'll recall they missed a payment in January which they made on 20 January.  Earlier posts here and here.

IIG is currently suspended from trading on the KSE for failure to provide its 31 December 2009 financial to the Exchange within the specified time.