New Al Gosaibi debt deal offer 25 per cent higher than previous | The National:
"The heavily indebted Al Gosaibi family of Saudi Arabia is pledging nearly all of its equity and property assets to creditors under the terms of a new offer in an attempt to settle a six-year dispute with international and regional banks.
New terms - to be put to creditors at a meeting in Dubai on June 2 - will increase the amount the family will guarantee to creditors to around 28 cents in the dollar on the total of US$6.4 billion (Dh23.5bn) of claims against it by around 90 banks and financial institutions, an increase of 25 per cent over its previous offer.
The new deal has already been agreed by a steering committee of five creditors, representing around 60 per cent of the overall debt. The final level of settlement with creditors could rise to as much as 50 cents if a string of legal actions are resolved satisfactorily."
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