"Ahmad Hamad Algosaibi & Brothers Co. plans to make a new offer on $7.2 billion of debt to creditors including BNP Paribas SA (BNP) and Standard Chartered Plc as it seeks to bounce back from the Middle East’s biggest corporate default.
The Saudi Arabian company, which runs a bottling plant for PepsiCo Inc. (PEP) products in the kingdom and has interests ranging from finance to shipping, will propose the new deal “in the coming months,” said Chief Executive Officer Simon Charlton. Creditors rejected a proposal from Algosaibi four years ago.
“The group wants to get back to focusing on business and gain access to credit markets,” Charlton, who is also Algosaibi’s chief restructuring officer, said in an interview in Dubai on June 27. “Our goal is to be able to reach a fair and reasonable solution with all banks, including foreign banks.”"
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