The restructuring of Aref Investment Group’s debts won Best Restructuring Deal and Best Deal in Kuwait in 2010 from Islamic Finance News. It is worth noting that the deal was led by Kuwait Finance House (KFH) and managed by its subsidiary Liquidity Management House (LMH).
LMH’s Chairman Abdul Nasser Al-Subeih stated that those awards serve to recognize the efforts exerted by KFH and LMH, in addition to their efforts in overcoming challenges during the preparation phase that reached 18 months. He went on to explain that the awards were given by professional economists based on total debts that reached KD 280 million that were restructured and turned into long-term. He added that this deal was purely orchestrated by a Kuwaiti team, which convinced other banks to join the restructuring agreement. He stressed that the company’s accumulative experience and ability to develop and innovate, allowed it to take part in orchestrating further deals and presenting financial instruments that meet the demands of the markets in the region and world.
The agreement that was signed by KFH with Aref Investment Group on behalf of other banks, includes the rescheduling of KD 280 million and to turn the debt from short-term to long term (5 years); thus allowing the company focus on restructuring of its assets and operational plans.
The awards will be distributed among winners during the awards ceremonies in Malaysia on February 24th and Dubai on February 28th.