Saudi Binladin Group hires adviser to restructure $15bln in debt
Restructuring aims to reorganize its assets into sector-led businesses, streamline its operations, and ramp up activity across key projects and businesses
The headquarters of the Saudi Binladin Group is seen in Jeddah, Saudi Arabia May 9, 2018. Picture taken May 9, 2018. To match Special Report SAUDI-BINLADIN/FALL REUTERS/Katie Paul - RC11E78F4280
Katie Paul - RC11E78F4280
By Staff Writer, Arab News
LONDON: Saudi Binladin Group has hired investment bank Houlihan Lokey Inc. to help advise on the restructuring of an estimated $15 billion of debt.
The Los Angeles-based bank will help formulate “a comprehensive review and financial restructuring of SBG’s capital structure,” Bloomberg reported, citing a statement from Binladin International Holding Group.
The restructuring of the Kingdom’s biggest builder aims to reorganize its assets into sector-led businesses, streamline its operations, and ramp up activity across key projects and businesses, the news wire said.
For decades Binladin was Saudi Arabia’s highest profile construction group, delivering major infrastructure projects such as roads and airports as well as working in the holy cities of Makkah and Madinah.
However it was heavily exposed to the construction slowdown in the country which followed in the wake of the 2014 oil price collapse which saw construction spending slow across the region.
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.