Saudi Family Sweetens Bank Offer After Biggest Mideast Default - Bloomberg Business:
"Ahmad Hamad Algosaibi & Brothers Co. is offering to guarantee banks they will recover at least 40 percent more on $6 billion of debt as it seeks to end a six-year impasse after the Middle East’s biggest default.
The Saudi Arabian company proposed to pay at least 28 cents on the dollar, chief restructuring officer Simon Charlton told reporters Tuesday after a creditor meeting in Dubai, an improvement on an offer made in May 2014.
Algosaibi intends to pay creditors using a share portfolio worth 2.7 billion Saudi riyals ($720 million), 3.4 billion Saudi riyals of real estate assets and a minority stake in an operating business valued at 300 million riyals, Charlton said. Depending on asset recovery and litigation, it will also pay an additional 6 billion riyals, with any recoveries above that shared between banks and the company, he said."
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