Investment Dar has offered to hand assets to creditors immediately in a bid to win them over to its latest plan to restructure debts of KWD813mn (USD2.7bn), according to a source close to the company. Investment Dar, whose assets include a stake in a property firm that owns some of Dubai’s The World artificial islands project, has had mixed success in restructuring its debts since getting into trouble during the financial crisis. Its latest attempt, called Al Sharq, promised to immediately hand over control of assets in the company to creditors, while also guaranteeing that shareholders will not get paid until all creditors are paid. The previous plan would have handed over assets depending on the level of support, but failed after Kuwait’s Court of Appeal had rejected an application to impose it on all creditors. Among the obstacles faced by the new proposed plan is a claim being made by Kuwait Finance House (KFH), one of Investment Dar’s largest creditors, on its assets through the Kuwaiti courts, according to sources familiar with the matter. Besides, the position of Al Rajhi Bank, the company’s largest creditor, is unclear. Another complication is that Investment Dar is in a legal dispute with Commercial Bank of Kuwait (CBK) over part of its nearly 20% stake in Boubyan Bank which is one of the assets it aims to hand over to creditors. (Gulf News)