(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
years.
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
exchange.
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
restructuring.
($1 = 0.2820 Kuwaiti dinars)
(Reporting by Sylvia Westall and Dubai Newsroom; Editing by
Dinesh Nair)