Debt deal for Kuwait’s Global

Shareholders in Kuwait’s Global Investment House yesterday approved a plan for the company’s $1.7bn debt restructuring that will create special purpose vehicles to take on debts. The investment company and asset manager will create at least two SPVs – one will hold company assets along with a debt of $1.3bn, while another will take part in a capital increase for the parent company and carry a debt equivalent to $430m, managing director Maha al-Ghunaim said.