Saudi Arabia Hires Rothschild to Help Oversee Binladin Group Overhaul - Bloomberg
Saudi Arabia’s finance ministry has hired Rothschild & Co. to help oversee the restructuring of the kingdom’s biggest construction conglomerate Saudi Binladin Group, according to people familiar with the matter.
Rothschild’s appointment means the restructuring process, which began two years ago when Binladin engaged New York-based Houlihan Lokey Inc., will require additional time to be completed, the people said, asking not be named because the information is not public.
The Ministry of Finance didn’t respond to requests for comment. Rothschild and Houlihan declined to comment.
Binladin is trying to recover from years of losses and reduce a debt pile of billions of dollars. Houlihan last year outlined a road map to the company’s lenders to turn the company into a national champion again capable of building the mega-projects that are key to the crown prince’s ambitious economic reform plans.
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