The Investment Dar Co. K.S.C.C. announced today that the Company and the Coordinating Committee of TID's banks and investors have agreed to extend the milestone dates in the Standstill Agreement.
As part of its efforts to treat all of its banks and investors fairly in its restructuring process, The Investment Dar has agreed with the Coordinating Committee to extend the initial deadline of 15 October. The intention is that the revised timeline will give a greater opportunity for TID’s banks and investors to actively participate in the standstill process. As such; the new date by when TID’s banks and investors can accede to the Standstill Agreement is 12 November.
The timetable extension will enable those investors, primarily those represented by intermediaries, such as sukuk holders and wakala investors, additional time to consider the Standstill Agreement.
Having agreed a Standstill Agreement with the Coordinating Committee on 17 September 2009, The Investment Dar appointed a Chief Restructuring Officer, Mike Grant, an experienced turnaround director. Mr Grant will co-lead together with the executive management of The Investment Dar all matters required to negotiate and implement a consensual restructuring plan, discussions relating to which are ongoing between the Company and the Coordinating Committee.
Adnan Al Musallam, Chairman and Chief Executive Officer of Investment Dar, said, "We are making good progress in our efforts to restructure our business and we feel that it is only appropriate that we offer our banks and investors the necessary time to consider the Standstill Agreement. The extension will help in attaining our mutual objective of reaching a consensual restructuring plan expeditiously."
Mike Grant, Chief Restructuring Officer of Investment Dar, added, "In the short time that I have been engaged with the Company I can already see the commitment from the Company, the Coordinating Committee and the advisers to conclude this highly complex restructuring promptly. Importantly, the mutually agreed extension does not affect our discussions regarding the consensual restructuring plan, and these continue in parallel in a constructive manner."