The Investment Dar (TID), a Kuwaiti company that owns half of the luxury car maker Aston Martin, has agreed with its core group of creditors to a new plan to restructure about US$3.6 billion (Dh13.22bn) of debt.
The company was one of the first in the region to default on debt in the aftermath of the global financial crisis, missing a payment on a $100 million Islamic bond in May 2009. Its restructuring, however, has been held up by protracted negotiations and legal obstacles. An initial creditors' co-ordinating committee representing banks to which TID owes money resigned last November.
With the deal agreed yesterday, the company and its new creditors' committee are hoping to put the legal turmoil and drawn-out talks of the past two years behind them. The new deal "contains revised facilities under which full repayment with profit will take place over a six to eight-year period," TID said.
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Editor's Pick - Cyber criminals targeting the UAE
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The terms call for TID to repay 405m Kuwaiti dinars (Dh5.31bn) of debt in three to four years at an 11 per cent profit rate, the Sharia-compliant equivalent of interest, it said. TID is to repay an additional 600m dinars of debt in four to eight years.
Some of the debt is to be settled with a debt-for-equity swap, meaning the company is asking banks to convert a portion of borrowings into ownership stakes in TID.
If it is able to pay off its debts as envisaged in the restructuring, however, shareholders could reclaim ownership stakes taken by banks, according to the company. Shareholders are also planning to inject "up to 20m dinars" in fresh equity in the 12 months after the plan's adoption, it said.
TID is listed on the Kuwait Stock Exchange, but its shares have not traded since restructuring talks began in 2009.
The debt talks at TID come as restructurings reshape the financial landscape of the Gulf. Many companies in the region borrowed heavily during the global credit bubble, only to find banks unwilling to extend or refinance loans in the wake of the financial crisis. Dubai World, a Dubai Government-owned conglomerate, clinched a $24.9bn restructuring deal last year. Global Investment House, another Kuwaiti company, agreed to restructure $1.7bn of debt also last year. They are only two among a number of companies, including those in Bahrain and Abu Dhabi, that have recently sought new terms on debt.
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TID's plan still needs the approval of its board of directors before it is presented to the company's wider group of creditors for final sign-off. The central bank of Kuwait must also confirm the deal, a source close to the company said.
The revised restructuring terms follow weeks of meetings and negotiations between creditors and TID's advisers, which include the global accountancy Deloitte and the law firm Allen & Overy. TID held large meetings last month in Dubai and Kuwait to present the plans and hear concerns from banks.
Further meetings are expected once the plan is approved by TID's board and the Kuwaiti regulators. In the meantime, TID has applied to Kuwaiti courts for protection under a financial stability law passed in 2009 as part of the country's response to the financial crisis. TID last year became the first company to invoke the law, and may use it to enforce the terms of a restructuring if creditors do not unanimously consent to it. A hearing on the application is scheduled for tomorrow. The fate of TID's Aston Martin stake - one of its most prized possessions - is unclear but a banking source who attended meetings last month in Dubai said the company was considering a sale of the British sports car company. Deloitte has given the 50 per cent stake a valuation of $300m, said the source, who wished to remain anonymous.
[ afitch@thenational.ae ]
LA LIGA FIXTURES
Friday Celta Vigo v Villarreal (midnight kick-off UAE)
Saturday Sevilla v Real Sociedad (4pm), Atletico Madrid v Athletic Bilbao (7.15pm), Granada v Barcelona (9.30pm), Osasuna v Real Madrid (midnight)
Sunday Levante v Eibar (4pm), Cadiz v Alaves (7.15pm), Elche v Getafe (9.30pm), Real Valladolid v Valencia (midnight)
Monday Huesca v Real Betis (midnight)
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
Ferrari
Director: Michael Mann
Starring: Adam Driver, Penelope Cruz, Shailene Woodley, Patrick Dempsey
Rating: 3/5
57 Seconds
Director: Rusty Cundieff
Stars: Josh Hutcherson, Morgan Freeman, Greg Germann, Lovie Simone
Rating: 2/5
SPEC SHEET: APPLE IPHONE 14 PRO MAX
Display: 6.7" Super Retina XDR OLED, 2796 x 1290, 460ppi, 120Hz, 2000 nits max, HDR, True Tone, P3, always-on
Processor: A16 Bionic, 6-core CPU, 5-core GPU, 16-core Neural Engine
Memory: 6GB
Capacity: 128/256/512GB / 1TB
Platform: iOS 16
Main camera: Triple 48MP main (f/1.78) + 12MP ultra-wide (f/2.2) + 12MP telephoto (f/2.8), 6x optical, 15x digital, Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting
Main camera video: 4K @ 24/25/30/60fps, full-HD @ 25/30/60fps, HD @ 30fps, slo-mo @ 120/240fps, ProRes (4K) @ 30fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR
Front camera: 12MP TrueDepth (f/1.9), Photonic Engine, Deep Fusion, Smart HDR 4, Portrait Lighting; Animoji, Memoji
Front camera video: 4K @ 24/25/30/60fps, full-HD @ 25/30/60fps, slo-mo @ 120/240fps, ProRes (4K) @ 30fps; night, time lapse, cinematic, action modes; Dolby Vision, 4K HDR
Battery: 4323mAh, up to 29h video, 25h streaming video, 95h audio; fast charge to 50% in 30min; MagSafe, Qi wireless charging
Connectivity: Wi-Fi, Bluetooth 5.3, NFC (Apple Pay)
Biometrics: Face ID
I/O: Lightning
Durability: IP68, dust/splash/water resistant up to 6m up to 30min
Cards: Dual eSIM / eSIM + eSIM (US models use eSIMs only)
Colours: Deep purple, gold, silver, space black
In the box: iPhone 14 Pro Max, USB-C-to-Lightning cable, one Apple sticker
Price: Dh4,699 / Dh5,099 / Dh5,949 / Dh6,799
Four scenarios for Ukraine war
1. Protracted but less intense war (60% likelihood)
2. Negotiated end to the conflict (30%)
3. Russia seizes more territory (20%)
4. Ukraine pushes Russia back (10%)
Forecast by Economist Intelligence Unit
The specs
Engine: 3.6-litre, V6
Transmission: eight-speed auto
Power: 285hp
Torque: 353Nm
Price: Dh159,900
On sale: now
EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE
Edinburgh: November 4 (unchanged)
Bahrain: November 15 (from September 15); second daily service from January 1
Kuwait: November 15 (from September 16)
Mumbai: January 1 (from October 27)
Ahmedabad: January 1 (from October 27)
Colombo: January 2 (from January 1)
Muscat: March 1 (from December 1)
Lyon: March 1 (from December 1)
Bologna: March 1 (from December 1)
Source: Emirates
COMPANY PROFILE
Company name: Supy
Started: 2021
Founders: Dani El-Zein, Yazeed bin Busayyis, Ibrahim Bou Ncoula
Based: Dubai
Industry: Food and beverage, tech, hospitality software, Saas
Funding size: Bootstrapped for six months; pre-seed round of $1.5 million; seed round of $8 million
Investors: Beco Capital, Cotu Ventures, Valia Ventures and Global Ventures
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
ASSASSIN'S CREED MIRAGE
Developer: Ubisoft Bordeaux
Publisher: Ubisoft
Consoles: PlayStation 4&5, PC and Xbox Series S&X
Rating: 3.5/5
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
GULF MEN'S LEAGUE
Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2
Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers
Opening fixtures
Thursday, December 5
6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles
7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers
7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles
7pm, Pitch 5, Bahrain v Dubai Eagles 2
Recent winners
2018 Dubai Hurricanes
2017 Dubai Exiles
2016 Abu Dhabi Harlequins
2015 Abu Dhabi Harlequins
2014 Abu Dhabi Harlequins
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
The Beekeeper
Director: David Ayer
Starring: Jason Statham, Josh Hutcherson, Emmy Raver-Lampman, Minnie Driver, Jeremy Irons
Rating: 3/5