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16-09-21
Saudi Algosaibi group receives approval on its plan with 95 percent of its creditors
(MENAFN)A Saudi court gave approval to Saudi conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) on its settlement plan with 95 percent of its creditors — officially ending the largest family debt case in the history of Saudi Arabia.
Arab News quoted AHAB's chief restructuring officer Simon Charlton as saying that the group approved the claims on the debt that amounted at SR28 billion, after taking court ratification.
AHAB reached the agreement under Saudi Arabia’s new bankruptcy law that gives permission to creditors to vote on the debt settlement plan.
“We are glad about the court's approval of the financial reorganization proposal,” Executive board member Samah Algosaibi said
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