Creditors Approve Debt Plan for Aston Martin Owner

Kuwait's Investment Dar, the largest shareholder of Aston Martin Lagonda Ltd., has received the support of a sufficient number of its creditors for its proposed debt restructuring, the Financial Times reports.

The newspaper cited an unidentified source who says the Kuwaiti sovereign wealth fund surpassed the minimum requirement of 13% creditor approval. Investors who accepted the deal will receive a cash-and-debt payment equal to about half what they are owed.

Investment Dar has pledged assets, including its Aston Martin stake, as collateral for the fresh debt. The company promised to begin selling assets by 2017 to repay investors.

The Kuwaiti fund's financial woes have prevented it from injecting further capital into the British boutique carmaker, which is scrambling to fund a 500 million (€589 million) product development plan.

In December Aston Martin traded 37.5% of its equity for a 150 million (€177 million) capital infusion from London-based private equity firm Investindustrial.