Kuwait’s troubled Islamic investment firm International Investment Group (IIG) says it has reached an agreement with most of its creditors to restructure its $200 million sukuk (Islamic bond) issue.
IIG defaulted on sukuk payments back in 2010. In the 2008-2010 period there was a rash of defaults on sukuk, which came as a shock to many investors who were left holding the bag, since sukuk were billed as a more “ethical” form of debt instrument.
Details of IIG’s restructuring have not been disclosed at this time and not all creditors have agreed to the deal.
http://www.reuters.com/article/2012/03/26/kuwait-iig-debt-idUSL6E8EQ5KB20120326
