Kuwait Finance House (KFH) has issued a statement to Boursa Kuwait announcing that the Court of First Instance - Bankruptcy Department has granted the application for the initiation of preventive settlement procedures for Mishref Trading and Contracting Company. As a result, all judicial claims and enforcement measures against Musharraf are suspended for a duration of three months from the date of the decision, which was issued on December 27, 2023. 

Furthermore, Mishref Company is required to disclose the decision on its website and announce it in two local daily newspapers, including one in English at its own expense. Additionally, Mishref Company is to provide evidence of these actions and prepare a proposal for a protective settlement, in accordance with the requirements specified in Article (73) of the Bankruptcy Law. 

It is important for Mishref Company to obtain approval from creditors for the proposed preventive settlement and to coordinate with them within a period of 10 days from the issuance of this resolution. During this time, a committee of creditors will be formed, consisting of representatives from different debt classes, in accordance with the provisions of Article (70) of the Bankruptcy Law. Additionally, within 10 days following the expiration of the aforementioned period, Mishref Company is required to submit a list of debt categories to the Bankruptcy Department and form a creditors committee in accordance with Article (72) of the Bankruptcy Law. 

According to the Bankruptcy Law, a copy of the Protective Settlement Proposal must be submitted within three months from the issuance of this resolution, adhering to the provisions of Article (74) of the Bankruptcy Law. Subsequently, efforts will be made to invite creditors to approve the Protective Settlement Proposal and fulfill the procedures outlined in Articles (76) to (81) of the Bankruptcy Law. It is important to note that these procedures will not have any financial impact. 

KFH, in light of the aforementioned procedures, will suspend the execution proceedings related to the appeal judgment issued on October 26, 2023, in its favor against Mushrouf General Trading and Contracting Company.