Thursday 12 November 2009

Saad Investments Finance Files for Court Protection in U.S.

Saad Investments Finance Co. (No. 5) Ltd., a private equity firm owned by Maan al-Sanea and his family, sought protection from its creditors in the U.S.

Saad filed yesterday under Chapter 15 of the U.S. bankruptcy code, which gives a foreign company protection from U.S. creditors while the business reorganizes or liquidates in its home country.

Saad is owned by Saad Investments Company Ltd., which in July was placed under a court-appointed liquidator in the Cayman Islands.

No comments:

Post a Comment