May 26, 2009 / 8:39 AM / 9 years ago

Islamic finance firm Dar to meet creditors in June

KUWAIT, May 26 (Reuters) - Debt-laden Kuwaiti Islamic finance firm Investment Dar TIDK.KW will brief creditors and investors next month on how its restructuring plan is progressing, the firm said on Tuesday.

Investment Dar, which recently defaulted on a $100 million Islamic debt issue, said in a statement it had convened a meeting for June 8 in the United Arab Emirates.

Dar, which owns half of British luxury car maker Aston Martin, had said it might sell some assets to meet its obligations following a meeting in March with banks and investors.

The firm said in December it was seeking to borrow up to $1 billion and was considering offers for up to 20 percent of Aston Martin to refinance debts. In January, it appointed Credit Suisse as its financial adviser.

Dar announced the debt default earlier this month, the first of its kind on a major, public Islamic instrument in the region. [ID:nLC281536]

Trading in Dar’s shares has been suspended since April 1, after the firm failed to publish its 2008 earnings report on time.

(For Reuters content on Islamic finance, click ISLAMIC)

Reporting by Eman Goma; editing by John Stonestreet

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