Saudi Arabia’s Algosaibi Calls Meeting on $5.9 Billion Default - Bloomberg:
"Ahmad Hamad Algosaibi & Brothers Co. invited creditors including BNP Paribas SA (BNP) and Standard Chartered Plc to discuss claims on $5.9 billion of debt as it seeks to recover from the Middle East’s biggest default.
The Saudi Arabian company, with interests ranging from construction to finance, will “outline proposals aimed at achieving a comprehensive settlement” with about 100 creditors at a May 7 meeting in Dubai, according to a copy of an invitation sent to banks today and seen by Bloomberg News. The company didn’t give further details on the proposed terms.
Banks rejected an original debt restructuring proposal from Algosaibi four years ago. Algosaibi and billionaire Maan al-Sanea’s Saad Group defaulted on at least $15.7 billion in 2009 as the global economic crisis froze credit markets and asset prices slumped. The two family holding companies, related by marital ties, have been locked in legal disputes ever since."
'via Blog this'
No comments:
Post a Comment