The Kuwait Islamic investment firm that owns half of British luxury car maker Aston Martin says it has appointed a chief officer to restructure its debts. The Investment Dar said in an announcement Sunday, the new manager, Mike Grant, brings to the company over 20 years of experience.
The company is one of several Kuwaiti banks and investment houses to run into trouble as the global economic meltdown hammered this small oil-rich state in the Gulf. Late last month, it said it agreed with its lenders to suspend their claims while it looks to restructure its debts. Investment Dar defaulted in April on a payment for a $100 million Islamic bond.