Kuwaiti Sukuk Defaulter Claims to Reach Agreement with Creditors
Kuwait’s troubled Islamic investment firm International Investment Group (IIG) says it has reached an agreement with most of its creditors to restructure its $200 million sukuk (Islamic bond) issue.
IIG defaulted on sukuk payments back in 2010. In the 2008-2010 period there was a rash of defaults on sukuk, which came as a shock to many investors who were left holding the bag, since sukuk were billed as a more “ethical” form of debt instrument.
Details of IIG’s restructuring have not been disclosed at this time and not all creditors have agreed to the deal.
http://www.reuters.com/article/2012/03/26/kuwait-iig-debt-idUSL6E8EQ5KB20120326
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