Saudi Binladin Leadership Overhaul Slows $15 Billion Debt Revamp

Saudi Arabia’s biggest construction company overhauled its top management, delaying plans to appoint an adviser for a proposed $15 billion debt restructuring, people familiar with the matter said, Bloomberg News reported. Saudi Binladin Group’s previous chairman and managing director left within months of being appointed, the people said, asking not to be identified because the matter hasn’t been made public. The company also named four new directors to its board this week, they said. Binladin -- for decades Saudi Arabia’s go-to developer for mega-projects such as airports and religious sites -- is planning to reorganize its borrowings after the kingdom delayed payments to contractors following a drop in oil prices. The builder had shortlisted Moelis & Co. and Rothschild & Co. to advise on the debt restructuring, people familiar with the matter said in October. Read more