Monday 13 June 2011

Saudi's Tuwairqi inks $1.9 bln restructuring deal -MEED, Saudi Arabia Industries - Maktoob News

Saudi steelmaker Al-Tuwairqi Group has signed a $1.9 billion debt restructuring of bank loans, London-based MEED said, citing anonymous bank lenders.

Final documentation for the restructuring has been signed by a group of 26 banks including National Commercial Bank, National Bank of Kuwait and Standard Chartered .

Restructuring details were not disclosed but banks are not taking a haircut on the principal loans made to the company.

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