Saudi's AHAB seeks creditor support for settlement under bankruptcy law | ZAWYA MENA Edition:
Saudi Arabian conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) has begun canvassing creditor support for its bid to become the first company to achieve a settlement under the kingdom's new bankruptcy law, a senior executive said.
Creditors will vote in the first quarter of 2019 on whether they agree to AHAB's plan to reach a protective settlement under the law, said Simon Charlton, AHAB’s chief restructuring officer.
Similar to Chapter 11 proceedings in the United States, the mechanism offers a cram-down provision, stopping minority dissenting creditors from blocking a settlement agreed by the majority.
No comments:
Post a Comment