Kuwaiti Investment Dar has admitted to problems with refinancing its debt, creating fears about Aston Martin’s future. According to AutoCar, Investment Dar has been hit hard by the global economic downturn and says that it has signed an agreement with investors and creditors to freeze claims, allowing it more time to restructure.
Investment Dar purchased a 51 percent stake in 2007 in a consortium led by Dave Richards. The company paid FoMoCo $762 million for Aston Martin, with a majority of the funds coming from international banks which had agreed to a Islamic sharia-compliant loan.
Investment Dar said that it has reached an agreement to complete “a variety of undertakings to the consenting banks and investors, including the appointment of a chief restructuring officer.”
Aston Martin said that it still has “strong ongoing support from its shareholders” and that nothing has changed at the company.
– By: Stephen Calogera