Saudi court rejects AHAB’s filing under bankruptcy law | Reuters:
A commercial court in Dammam has rejected an application by the conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) to settle its debt under a new Saudi bankruptcy law, AHAB told Reuters on Wednesday.
AHAB was the first high-profile company to file for a settlement under Saudi Arabia’s bankruptcy law, which came into effect in August last year, part of reforms aimed at attracting foreign investment and reducing the economy’s dependence on oil.
It hoped that the filing would help to bring to a conclusion creditor talks that have rumbled on since AHAB and Saad Group, another Saudi conglomerate, defaulted on about $22 billion of debt in 2009.
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