Tuesday, September 29, 2009
Aston's owner given reprieve by banks
The Middle Eastern owner of Aston Martin has been awarded a standstill agreement by its banks after being forced into restructuring by its lenders following a default on a $100 million Islamic bond.
Kuwait's Investment Dar, which owns 50 per cent of Aston Martin along with Adeem Investment, is one of several Kuwaiti investment houses to be hit by the global economic meltdown.
The company said that a standstill agreement had been reached and that as part of that deal it had vowed to complete 'a variety of undertakings to the consenting banks and investors, including the appointment of a chief restructuring officer'.
DATED: 29.09.09
FEED: AW
