Tuesday, March 30, 2010

Aston Martin owner gets govt debt protection

A model poses next to an Aston Martin sports car at the Beijing Auto
Kuwait's Special Circuit Court of Appeal accepted Investment Dar's filing for legal protection under the country's financial stability law amid protracted debt restructuring talks, the Kuwaiti bourse said Sunday.

The part-owner of British carmaker Aston Martin said Friday it said it applied for legal protection after a small minority of investors have continued to resist the company's debt restructuring plan.

All the legal procedures against Investment Dar, which is trying to hammer out terms with banks to repay about 1 billion Kuwaiti dinars ($3.5 billion), will be halted until the court approves the debt plan, the Kuwaiti bourse said in a statement posted on its Web site.

The statement did not make it clear how long the court will take before taking a decision on Dar's application.

Entry into the state-sponsored scheme will enable the firm to bind investors that don't approve the current terms.

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