Kuwait's Global debtors onboard for restructuring

Majority of Kuwait's Global Investment House debtors agree to restructuring terms

(AP)  KUWAIT CITY (AP) - Kuwait's Global Investment House says most of its creditors have agreed to a restructuring plan, as the country's largest investment bank looks to resolve a $3 billion debt default.

Global said Sunday an "overwhelming majority" of its creditors have approved the terms of restructuring and a timeline for completing it has been proposed. It did not provide any further details.

Global had been meeting with creditors to restructure almost $3 billion in loans on which it had defaulted. It previously announced the restructuring plan, but reports surfaced that some creditors had raised concerns.

The global financial crisis has hit this small oil-rich state hard, mostly affecting investment banks.

In April, Global reported its first ever annual loss.