Saudi's AHAB turns to new bankruptcy law to settle with creditors | Reuters:
Conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) has become the first company to file for a settlement under Saudi Arabia’s new bankruptcy law, seeking to resolve the kingdom’s longest-running and largest debt dispute.
The company hopes the move will help to bring a conclusion to creditor talks that have rumbled on since AHAB and Saad Group defaulted on about $22 billion of debt in 2009.
The law, which came into effect in August 2018, is the latest of the kingdom’s reforms aimed at attracting foreign investment and reducing the economy’s dependence on oil.
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