About 100 bankers and lawyers met in Dubai Monday night with representatives of Ahmad Hamad Al-Gosaibi and Brothers Co, a Saudi conglomerate that's trying to restructure about $9 billion of debt, according to people familiar with the matter.
Creditors at the meeting were given a legal overview and shown details of alleged fraud by Maan al-Sanea, a senior executive at one of Al-Gosaibi's financial services units and chairman of Saad Group.
"The Al-Gosaibi family made clear that they are intent on holding Maan Al Sanea accountable and working with the banks to secure a just outcome," a spokesperson for the Al-Gosaibi group told the news agency Zawya Dow Jones, referring to the meetings.
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