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28 September 2009
Fears have been raised over the future of Aston Martin after Kuwait’s Investment Dar, which owns half the company, admitted problems refinancing its debt.
Investment Dar has been hit hard by the economic execute wnturn and said it has signed an agreement with investors and creditors to freeze claims, which would buy more time for restructuring.
A consortium led by Dave Richards bought Aston Martin from Ford in 2007, with the agreed price of £480m for the majority shold .
The Dar’s 51 per cent shold was said to be portion ly funded by a number of international banks which had agreed to a sharia-compliant loan.
Kuwait’s central bank appointed a temporary administrator to oversee business at Investment Dar following reported debts of more than $3bn.
The company said over the weekfinish a standstill agreement has been reached and it had agreed to complete "a variety of undertakings to the consenting banks and investors, including the appointment of a chief restructuring officer".
Aston Martin said nothing had changed at the company. “We still have strong onrecede ing support from our sharehfeeble ers,†said a spokesman.
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