Troubled Saudi conglomerate Ahmad Hamad Al Gosaibi Bros. & Co., or AHAB, is offering creditors as little as 8.6 cents on the dollar to settle outstanding debts, bankers familiar with negotiations said.
"Banks find this ridiculous," said a banker, with exposure to the group, based in the United Arab Emirates.
Creditors met representatives of the Al Gosaibi family in Al Khobar, Saudi Arabia on Nov. 4, bankers attending meetings said. AHAB has offered up to 3 billion Saudi riyals ($800 million) worth of assets, against SAR26.3 billion of total claims from the steering committee representing global lenders, bankers said.
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