Saudi Algosaibi group gets court approval on $28bln debt settlement
AHAB had reached the settlement under Saudi Arabia’s new bankruptcy law, which allows creditors to vote on the debt settlement plan
Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.
By Lama Algosaibi, Arab News
RIYADH: Saudi conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) has received approval from a Saudi court on its settlement plan with 95 percent of its creditors — officially closing down the largest family debt case in the history of Saudi Arabia.
The group has finally settled the claims on the debt that totaled SR28 billion, after receiving court ratification this morning, AHAB's chief restructuring officer Simon Charlton told Arab News.
AHAB had reached the settlement under Saudi Arabia’s new bankruptcy law, which allows creditors to vote on the debt settlement plan.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
Get Zawya's daily newsletter for insightful and exclusive Middle East perspectives on business and finance. SUBSCRIBE NOW