Saudi Arabia’s Algosaibi Offers New Deal on $5.9 Billion of Debt - Bloomberg:
"Ahmad Hamad Algosaibi & Brothers Co. is offering to guarantee banks at least a 20 percent payment on $5.9 billion of debt as it seeks to end a dispute with creditors after the Middle East’s largest default.
The Saudi Arabian company will pay 10 cents on the dollar using cash from a share portfolio if creditors agree to the offer and an additional 10 cents in five years, according to a presentation made by chief restructuring officer Simon Charlton at a meeting today in Dubai. Depending on asset recovery and litigation it will also pay up to an additional 30 cents, with gains above that level shared between the company and creditors.
Algosaibi and billionaire Maan al-Sanea’s Saad Group defaulted on at least $15.7 billion in 2009 as the global economic crisis froze credit markets and asset prices slumped. The two family holding companies, related by marital ties, have been locked in legal disputes ever since. Today’s offer is less favorable than one rejected by lenders in December 2009."
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