Saudi Arabia plans to issue a debut euro-denominated bond, part of a borrowing binge to meet the government’s ambitious spending targets, The Wall Street Journal reported. The bond is aimed at diversifying Saudi Arabia’s investor base, following predominantly dollar debt that has catapulted the kingdom up the ranks of emerging-market bond issuers. Subject to market conditions, Saudi Arabia is seeking to issue the bond in tranches of eight and 20 years, according to a marketing document provided by one of the arrangers Monday. The exact timing of the issuance isn’t clear.
A Saudi commercial court has accepted a filing by conglomerate AHAB to have its decade-long dispute with creditors resolved under the kingdom’s new bankruptcy law, and rejected a demand to liquidate the company filed by two of its creditors, sources familiar with the matter said, Reuters reported. The bankruptcy filing was seen as a key test of Saudi Arabia’s new law for handling insolvency disputes, which became effective last year as part of reforms aimed at making the country more investor friendly.
A Saudi court has rejected two applications from conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) to have its decade-long dispute with creditors resolved under the kingdom’s new bankruptcy law, AHAB said on Tuesday, Reuters reported. The case was seen as a key test of the kingdom’s new regime for handling insolvency disputes. Creditors have been pursuing AHAB and Saad Group, another Saudi conglomerate, since they defaulted on about $22 billion in combined debt in 2009.
Saudi conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) said on Wednesday it had filed last week for a financial restructuring under Saudi Arabia’s new bankruptcy law, as it seeks to end a decade-long dispute with creditors, Reuters reported. Saudi Arabia’s bankruptcy law, which came into effect in August, is an important step towards making the kingdom more investor friendly, offering a legal framework to struggling companies seeking to restructure debt following the 2009 global financial crisis and, more recently, weaker oil prices.
A commercial court in Dammam has rejected an application by the conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) to settle its debt under a new Saudi bankruptcy law, AHAB told Reuters on Wednesday. AHAB was the first high-profile company to file for a settlement under Saudi Arabia’s bankruptcy law, which came into effect in August last year, part of reforms aimed at attracting foreign investment and reducing the economy’s dependence on oil, Reuters reported.
Saudi Arabian conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) has begun canvassing creditor support for its bid to become the first company to achieve a settlement under the kingdom’s new bankruptcy law, a senior executive said. Creditors will vote in the first quarter of 2019 on whether they agree to AHAB’s plan to reach a protective settlement under the law, said Simon Charlton, AHAB’s chief restructuring officer, Reuters reported.
Saad Group and bank creditors of the Saudi Arabian conglomerate have both selected advisers in a bid to try to reach a deal that could help end the kingdom’s largest and longest-running debt dispute, financial sources said on Thursday. The appointments of London-based Orchard Corporate Strategy by Saad and EY by creditors, is the latest attempt to reach an agreement that will be complicated by an ongoing auction of the company’s assets, Reuters reported.
A Saudi business empire that defaulted on billions in loans during the global financial crisis is trying to settle its debts through the kingdom’s new bankruptcy laws, posing a test for Crown Prince Mohammed bin Salman’s economic modernization efforts, The Wall Street Journal reported. Ahmad Hamad Algosaibi and Brothers sparked a nearly decadelong dispute in 2009 when the firm defaulted on loans from a range of international and regional banks, leading to accusations of financial impropriety.
Conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) has become the first company to file for a settlement under Saudi Arabia’s new bankruptcy law, seeking to resolve the kingdom’s longest-running and largest debt dispute, Reuters reported. The company hopes the move will help to bring a conclusion to creditor talks that have rumbled on since AHAB and Saad Group defaulted on about $22 billion of debt in 2009. The law, which came into effect in August 2018, is the latest of the kingdom’s reforms aimed at attracting foreign investment and reducing the economy’s dependence on oil.