Saudi conglomerate improves deal for creditors - FT.com:
"The Saudi conglomerate at the centre of one of the region’s largest corporate collapses has proposed a more generous repayment offer for creditors on debts of SR24bn ($6.4bn).
Ahmad Hamad Algosaibi & Brothers has agreed the enhanced proposal with leading creditors, including Standard Chartered and BNP Paribas. It said it planned to present the potential deal to broader creditors at a meeting in Dubai on June 2.
The proposal is another step towards resolving the six-year saga of the Gulf’s most complicated restructuring, which has encompassed litigation across several jurisdictions amid allegations and denials of fraud."
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