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FinancialNews


  • 20-09-21

    Saudi Algosaibi plans to restore some of its businesses

    (MENAFN)Bloomberg stated while referring to the conglomerate’s chief restructuring officer, Simon Charlton, the Algosaibi family wants to reinstate some of its businesses after its landmark deal with creditors.

    The company was looking “where it would make the most sense and at what sort of level to return to the market,” Charlton further declare.

    It shows after successful talks over its USD7.5 billion in debt since 2009 – a case many experts perceived as a test for Saudi Arabia’s new bankruptcy law.

    Ahmah Hamad Algosabi & Brothers Co (AHAB) is going to repay its creditors 26 percent of their claim values through a mixture of cash, shares, and Saudi real estate.

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