April 9, 2019 / 10:21 AM / 14 days ago

Kuwait's Aayan Leasing & Investment unable to pay debts of $444 mln

DUBAI, April 9 (Reuters) - Kuwait’s Aayan Leasing & Investment Co is facing a liquidity shortage that has made it unable to pay 135 million dinars ($444 million) of outstanding debt, the company’s board chairman said on Tuesday.

The company had been able to pay most of the debts under its restructuring plan but has faced problems with the rest, Fahad al-Ghanim told reporters at the company’s annual general meeting.

“There is a shortage of liquidity in the company after the payment of these obligations,” he said, adding that the company had approached the courts with a new plan. ($1 = 0.3042 Kuwaiti dinars) (Reporting by Ahmed Hagagy Editing by David Goodman)

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