Exclusive: Saad Group seeks debt resolution under Saudi bankruptcy law - sources | Reuters:
The company of indebted Saudi Arabian billionaire Maan al-Sanea has filed for bankruptcy under a new Saudi law that makes it easier for creditors to recover payments, three sources familiar with the matter said, a move that could provide a breakthrough in the kingdom’s longest-running debt dispute.
Saad Group, with interests spanning from banking to healthcare, defaulted together with another conglomerate, Ahmad Hamad al-Gosaibi and Brothers (AHAB), in 2009, leaving banks with unpaid debt of about $22 billion. The creditors have been pursuing the two companies for repayment for the past decade.
“Saad Group has recently filed for bankruptcy and the commercial court in Dammam will handle the case,” one of the sources familiar with the matter said, declining to be named as the matter is not public.
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