Al-Gosaibi hasn't signed any new Saudi bank creditors to debt settlement plan- acting CEO | ZAWYA MENA Edition:
Saudi Arabia’s Ahmad Hamad Al-Gosaibi and Brothers (AHAB) hasn't signed any new lenders in the kingdom to the debt settlement plan it agreed with two of its banking creditors in April, a senior official involved in the company’s restructuring said on Thursday.
The family conglomerate defaulted on around 22 billion Saudi riyals ($5.9 billion) of debt in 2009 and while Reuters reported earlier this year that two Saudi Arabian-linked banks had agreed to a restructuring plan, many other banks and financial institutions with links to the company have refused, arguing the terms on offer were not satisfactory.
“No more Saudi banks have joined that process. I will not name the ones that did,” Simon Charlton, AHAB's chief restructuring officer and acting chief executive, said during an on-stage interview at the Corporate Restructuring Summit in Dubai on Thursday.
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