Al Gosaibi family strikes deal with creditors to settle $6bn debt | The National

Al Gosaibi family strikes deal with creditors to settle $6bn debt | The National:



"The embattled Al Gosaibi family of Saudi Arabia has reached a deal with its leading creditors to settle its long-running dispute over $6bn worth of debts.



The deal was signed between representatives of the family partnership, Ahmad Hamad Al Gosaibi & Brothers, and a steering committee of some of its bank creditors, in London late last week. 




It is a big step forward towards solving a six-year standoff between Al Gosaibi and its creditors, which has been likened to a corporate “frozen war”. But big Saudi banks still have to be persuaded to join in any overall settlement."



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