Global Investment House, a leading Kuwaiti firm undergoing a debt restructuring plan, said on Sunday it has cut its loss by half last year by reducing interest and other expenses. The company said it posted a loss of 73.2 million dinars ($263.3 million) in 2010, about 51 percent lower than the 148.8 million dinars ($535.3 million) shortfall in the previous year.
Global, in the red for the third year in a row, was severely impacted by the global financial crisis which forced it to default on all of its estimated $3 billion in debt in December 2008.
A year later, the firm struck a deal with creditors to restructure $1.73 billion in debt, promising to repay all the loans within three years.
Global said in December that it has repaid $178 million of the debt, its first year commitments under the plan, in addition to repaying $82 million in interest.