Saudi, foreign banks agree to reschedule Saad debt

A group of Saudi Arabian and foreign banks has reached an agreement with the Saad Group on refinancing the company’s debt reported Bloomberg, citing two people familiar with the situation.

The Saudi government set up a committee to look into the debt of Saad Group and Ahmad Hamad Algosaibi & Bros Co.

Saad Group said on 2 June it will restructure its debt after events in the Bahraini banking sector led to a “short-term liquidity squeeze.”