Saudi tycoon's creditor banks weigh multi-billion dollar debt deal | ZAWYA MENA Edition:
"Bank creditors of detained Saudi Arabian tycoon, Maan al-Sanea, have asked his advisers for more details on a proposed settlement covering 16 billion riyals ($4.3 billion) in claims before they agree to move forward with the process, sources close to the matter said.
Banks met in Dubai on Wednesday as they seek to resolve the debt crisis that has rumbled on since al-Sanea's company Saad Group defaulted on its debt in 2009.
The meeting, the first major gathering of the debtors and creditors since 2009, took place as auctions were underway to sell around 900 vehicles owned by al-Sanea and Saad."
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