Saudi Binladin Group Seeks Adviser for Jumbo Debt Restructuring

The Saudi Binladin Group is seeking a financial adviser for a restructuring of the group’s debt, which could range between $20 and $30 billion, sources familiar with the matter said. The move is the latest in state efforts to restructure the construction giant, in which the Saudi government took a roughly one-third stake from Bin Laden family members that were swept up in an anti-graft campaign that Riyadh launched in late 2017, Reuters reported. The company, which has dominated the construction sector for years, is crucial to the kingdom’s plans for tourism and infrastructure projects aimed at diversifying the economy away from oil revenues by 2030. The Binladin Group has sent a request for proposals to a select group of international advisers over the past few weeks to reorganize the debt of the whole group, said the five sources, speaking anonymously because the matter is private. Read more