AlQabas reports that Al Masar Leasing and Investment Company has filed a formal objection with the special Circuit Court at the Kuwaiti Court of Appeals to TID entering its restructuring plan under the aegis of the Financial Stability Law.
As you'll recall (and if you don't here's the link), any interested party may object to an investment company's use of the FSL within 15 days of receipt of formal notice that the Court had provisionally accepted the debtor's request.
AlQabas says that perhaps other companies will also object - though it seems to the window for objections should be closing soon. TID filed its request around 10 March and announced the Court had accepted its request on 11 March. Even though it would take some time for the Court to prepare the necessary notification letters and for creditors to receive them, there can't be that much time left.
The Court gets to make the final decision on any objections.
As a side note, it appears that the Central Bank of Kuwait has not yet approved TID's 31 December 2008 financials. From the above link on the FSL, you'll see that the CBK plays a key role in the FSL implementation process.
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