UPDATE 1-Kuwait's Global gets approval to restructure bonds

Reuters Middle East

(Adds details, background)

* Says gets nod to restructure bonds worth $337 mln

* Co is currently undergoing $1.7 bln debt restructuring

* Shareholders approved a debt-for-equity plan in Sept

KUWAIT, Nov 25 (Reuters) - Kuwait's Global Investment House

said on Sunday that it had secured the approval of

creditors to restructure two bonds worth 95 million dinars ($337

million) as part of the company's second debt overhaul in three


Bond holders have approved the restructuring of a 50 million

dinar bond maturing in 2013 and of a 45 million dinar bond

maturing in 2012, according to filings on the Kuwait stock


Global, which has suffered from a real estate slump and

market turbulence, lost 14.9 million dinars ($52.8 million) in

the three months to Sept. 30 versus a 15.5 million dinars loss

for the same period of 2011.

Its shareholders approved a debt plan in September to create

new special purpose vehicles that will carry the company's debt

as part of the group's $1.7 billion debt restructuring.

The company, whose major shareholders include the

governments of Kuwait and Dubai, said earlier this month that

three of its creditors had failed to back this restructuring

plan and that it would work on winning them over.

It will also ask shareholders to approve delisting its stock

from the Kuwait bourse after failing to secure a regulatory

waiver needed to implement its restructuring plan, Global said.

This came a year after Global asked bank creditors to

suspend payments under its $1.7 billion debt deal agreed in

December 2009 to allow for negotiations over a new


($1 = 0.2820 Kuwaiti dinars)

(Reporting by Sylvia Westall and Dubai Newsroom; Editing by

Dinesh Nair)

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