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Islamic Finance Briefing - Categorized | Bonds (Sukuk), Investment, Market Moves more

Aston Martin owner is first to default on Gulf Sukuk

Posted on 13 May 2009

From Bloomberg: Investment Dar Co., the owner of half of Aston Martin Lagonda Ltd., missed a payment on $100 million of debt, becoming the first Persian Gulf company to default on Islamic bonds.

Investment Dar failed to pay a “periodic distribution” due on April 27 to holders of its Islamic bonds maturing in 2010, it said in a statement today. The Kuwait-based company had 1.08 billion dinars ($3.73 billion) of total debt outstanding as of September 2008, according to Bloomberg data……..Full Article: Source

 
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