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IIG defaults on $200mln sukuk payment

Posted on 13 April 2010

From Business24-7.ae: International Investment Group (IIG), a Kuwaiti finance company, defaulted on a payment for its $200 million (Dh734.5m) Islamic bond, the second Kuwait-based firm to miss a sukuk payment in a year.

“IIG has communicated to the sukukholders through IIG Funding of its inability to make the periodic distribution amount of $3.35m due on April 12,” IIG said yesterday in a statement posted on the Nasdaq Dubai bourse website. IIG said it appointed an “international” firm to review its business, before a financial restructuring at a later date………………………………..Full Article: Source

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