- Sep 29, 2009
REPORT: Aston Martin in jeopardy as parent company Investment Dar in financial turmoil
When Ford sold Aston Martin in March of 2007, times were better for the consortium that bought David Brown's legacy. Along with ex-racer Dave Richards, banker John Singers and Adeem Investment, Investment Dar bought the Bond-ride firm for $925m (£480m). Fast forward to late 2008 and Investment Dar was itself trying to borrow $1B (£630m) to refinance debt, and iteven defaulted on a $100m Islamic bond in April. So, the Dar finds itself in a position of having to keep its creditors at bay while it seeks to right the ship. The agreement they've reached now is known as a standstill agreement. That means creditors won't make any new individual claims for a while. The arrangement will continue until the end of the year and hopefully Aston Martin will survive the financial storm.
[Source: The Guardian]