Saudi Binladin to Hire More Advisers for $15 Billion Debt Revamp

Saudi Binladin Group plans to hire more advisers to accelerate one of the Middle East’s biggest corporate-debt revamps and tackle its estimated $15 billion debt pile, Bloomberg News reported. The kingdom’s top builder reached out to restructuring specialists across the Persian Gulf to assist with reorganizing the business, a spokesman for Jeddah-based SBG said in a text message. The consultants will assist Houlihan Lokey Inc., which was appointed in April to manage the group’s turnaround. “Houlihan Lokey will be working with various consultants to review the business and charter a way forward for the newly capitalized SBG,” the company said in a statement. The conglomerate, founded in 1931, was for decades the royal family’s favored builder until a deadly accident in the Islamic Holy city of Mecca five years ago resulted in SBG being banned from taking on new projects for about eight months. Read more