Thursday 12 November 2009

Saad unit lenders meet, liquidators appointed

Creditors of Saad Investments Company Ltd held their first official meeting on Thursday, accountancy firm Grant Thornton said, taking a next step in the troubled firm's restructuring process.

Banks are seeking repayment of a loan of up to $2.8 billion taken out in 2007 by Cayman Islands-registered SICL, a unit of Saudi investment firm Saad Group.

The meeting took place in the Cayman Islands, SICL's court-appointed liquidator Grant Thornton said in a statement.

7 comments:

  1. We hope this will be the useful effort for restructuring the getting down companies.

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  2. This effort will help lot of companies, Good news for these companies.

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  3. Restructuring the troubled firms is always a difficult task to do. After all its one of the appreciate able step from the company.

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  4. This help would rebuild the lot of companies, We hope this effort will give the better results.

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  5. Let us congratulate the Saad Group going for the next step in restructuring the troubled firms.

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  6. Does Saad Group deals in helping the troubled firms in restructuring.

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