Creditors of the Saad Group, the Saudi conglomerate owned by Maan al Sanea, recently sold some of their debt for just 15 cents on the dollar, reflecting anxiety among banks about reclaiming billions of dollars in loans.
The sales were made about two weeks ago, according to two informed sources who declined to be identified. Most of the sales were made by foreign banks looking to exit exposures to troubled companies in the Middle East, the sources said. “The vast majority of the sellers are Asian banks, though one UK bank sold an exposure in the mid-teens [of cents],” one source said.
A representative of the Saad Group declined to comment."
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