Middle East News, Saudi Binladen: Houlihan Lokey for Debt Plan - Bloomberg:
Saudi Binladin Group hired Houlihan Lokey Inc. as an adviser to help the kingdom’s biggest construction firm to restructure an estimated $15 billion of debt.
The investment bank will assist in “a comprehensive review and financial restructuring of SBG’s capital structure,” according to a statement from Binladin International Holding Group.
The restructuring is aimed at reorganizing privately-held Saudi Binladin’s assets into sector-led businesses, streamlining operations, and ramping activities across key projects and businesses, it said.
Binladin -- for decades Saudi Arabia’s go-to developer for mega-projects such as airports and holy sites in Mecca and Medina -- is restructuring debt after the government delayed payments to contractors.
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