Reports worldwide indicate that Aston Martin’s majority stake holder, Kuwait-based Investment Dar is in financial trouble. The company that owns 51% of the British sports car maker is having financial difficulties as a result of the this year’s worldwide economic slowdown.
The company purchased the stake for US$480 million in 2007 from Ford, and the purchase move was part of a joint venture between a group of companies. Since the purchase, it was reported that Investment Dar opted for a “Standstill Agreement”, which basically allows the company to suspend payments to banks. It nearly sold the sports car brand late last year, but eventually managed to maintain its ownership.
When the above mentioned “Standstill Agreement” comes to an end, the company has to make payments, and the company may have to sell part of, or its entire stake of Aston Martin.
Source.
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