After more than a decade of legal battles, The Saudi Algosaibi family has reached a deal with creditors to settle the $7.5 billion debt by keeping most of their company’s operating businesses eyeing going back to the credit market, according to Bloomberg.
The Saudi Conglomerate, knowing publically as AHAB, has planned to pay off the debts, totaled SR28 billion, by contributing 90 percent of its assets, with the rest restructured in order to carry on operating.
AHAB has received approval from the commercial court in Dammam to restructure the largest family debt case in the history of Saudi Arabia in what is considered as the first major test for the kingdom’s new bankruptcy law.
Citigroup, BNP Paribas among creditors and global banks that are promised to get partially repaid.
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