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.

Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

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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.

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