Kuwaiti National Real Estate Co Agrees $537.6m Debt Restructuring

The restructured loan is repayable over a period of seven years, the company said.



Kuwaiti National Real Estate Company said on Sunday it had agreed to restructure KD154.4 million ($537.6 million) of debt owed to an unidentified local bank.

The real estate and investment company with presence in the Middle East and North Africa said its total debt levels remained unchanged after the restructuring deal, which was reached earlier this month, it said in a stock market filing.

The restructured loan is repayable over a period of seven years, it added. The filing did not state the name of the bank.