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Thursday, 8 December 2016

Saudi Oger $3.5 bln debt plan hit by creditor court move -sources | Reuters

Saudi Oger $3.5 bln debt plan hit by creditor court move -sources | Reuters:
"Saudi Oger's attempt to restructure around 13 billion riyals ($3.5 billion) in debts have been dealt another blow after a second major creditor obtained a court order demanding the money it is owed by the construction group, sources said.

Saudi Oger, owned by the family of Lebanese Prime Minister-designate Saad al-Hariri, has for years played a central role in building everything from hotels to hospitals in Saudi Arabia.

But a cut in government spending after a slump in oil prices has left firms like Saudi Oger struggling to service debts."

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