Reuters: Financial Services and Real Estate: Kuwait's Noor says reschedules $158 mln debt

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Kuwait's Noor says reschedules $158 mln debt May 13th 2012, 10:33 KUWAIT | Sun May 13, 2012 6:33am EDT KUWAIT May 13 (Reuters) - Kuwait's Noor Financial Investment Co. has rescheduled 44 million dinars ($158 million) worth of debt with creditor Kuwait Finance House , according to a bourse filing on Sunday. The amount accounts for around 28 percent of Noor's debt, it said, meaning that 75 percent of the company's debt has now been rescheduled after agreements with Gulf Bank and Commercial Bank of Kuwait. "Negotiations are still ongoing with other lenders to reach similar agreements," the statement said. Many of Kuwait's investment companies suffered heavy losses during the global financial crisis. They struggled to meet debt obligations and their shares, including Noor's, have been suspended for failing to report earnings on time.

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