Media Centre

Home / Media Centre / News

One of the Top 100 Deals of the Year 2014

IFLR is a prominent financial law publication since 1982. In its IFLR Global Deal Yearbook, which recognises the most crucial transactions of the past year, Al Markaz Law Firm played a key role in one of the top 100 global deals of the year, namely The Investment Dar Restructuring.

The Investment Dar (“TID”) is a shariah compliant company, which had invested in Islamic insurance, real estate, manufacturing etc., closing huge deals such as the purchase of London’s Grosvenor House Apartments. TID is considered the first entity in Kuwait to be granted court protection under the Financial Stability Law. It had encountered difficulties in achieving fair value for its assets and in carrying out repayments under the court-agreed repayment schedule. Therefore a settlement-in-kind offer was made for the creditors with the option to stay within the current restructuring plan for those creditors who did not wish to participate.

In this precedent-setting case of The Investment Dar’s debt restructuring, Al Markaz Law Firm acted as Kuwaiti counsel for The Investment Dar in the Settlement-In-Kind Transaction. This transaction took place across five jurisdictions and included (but is not limited to) advising on all aspects of  refinancing, the agreement on security packages relating to different classes of assets, debt-to-equity and debt-to-asset swap, all within the scope of the Kuwaiti Financial Stability Law (No. 2 of 2009).