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|06 January, 2019

Saudi court to hold first hearing on AHAB dispute under new bankruptcy law- Maal

Representatives of some 150 AHAB's creditors will be present, according to Maal.

Saudi businessman Mohammed Algosaibi poses outside the High Court in London June 10, 2011. He is trying to explain one of the biggest but least reported failures of the financial crisis. This has split his family, one of Saudi Arabia's richest. Image for illustrative purposes.

Saudi businessman Mohammed Algosaibi poses outside the High Court in London June 10, 2011. He is trying to explain one of the biggest but least reported failures of the financial crisis. This has split his family, one of Saudi Arabia's richest. Image for illustrative purposes.

REUTERS/Olivia Harris

DUBAI- A commercial court in Dammam will hold on Monday a first hearing on a debt settlement for the conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) under Saudi Arabia's new bankruptcy law, according to the Maaal financial news website.

AHAB has been the first company to file for a settlement under the new law, seeking to resolve the kingdom’s longest-running and largest debt dispute.

Representatives of some 150 AHAB's creditors will be present, according to Maal.

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(Reporting by Marwa Rashad, writing by Davide Barbuscia) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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