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FinancialNews


  • 08-09-21

    Algosaibi closes down largest family debt case in history of Kingdom

    (MENAFN) Saudi conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) reached an agreement with 95 percent of its creditors following more than 10 years in courts to end the largest family debt case in the history of Saudi Arabia.

    Arab News quoted Simon Charlton, AHAB's chief restructuring officer as saying that the group now has finally ended the claims on the debt that amounted at SR28 billion (about USD7.4 billion dollars).

    He further declared that the second move is to look for a judge’s approval on it.

    The official also stated that “This is a resounding show of support from our creditors and shows how important the government’s role in introducing the new bankruptcy law was.”

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