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Saad Group Hasn’t Reached Accord With Banks on Debt, CFO Says

Saad Group, the business owned by Saudi billionaire Maan al-Sanea, that is seeking to delay payments on at least $6.5 billion of debt, has not reached an agreement with its creditors to restructure the loans, Chief Financial Officer Maan al-Zayer said.

Saad Group will pay back creditors in “due course,” al-Zayer told reporters at a conference in Riyadh today. Saudi Arabian courts can settle the debt dispute between the group and banks, he said.

Al-Khobar-based Saad Group, originally a contracting company that has diversified into real estate, education, finance and health, said in June 2009 it was restructuring debt after a “short-term liquidity squeeze.” It owes at least $6.5 billion to nearly 60 banks from five loan syndications, according to documents provided by lenders.

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