Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

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

April 21 (Bloomberg) -- 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.

Link to Company News:{3330775Z AB <Equity> CN <GO>} Link to Company News:{3330759Z AB <Equity> CN <GO>} Link to Company News:{944539Z LN <Equity> CN <GO>} Link to Company News:{ADCB UH <Equity> CN <GO>} Link to Company News:{ARBK JR <Equity> CN <GO>} Link to Company News:{BNP FP <Equity> CN <GO>} Link to Company News:{C US <Equity> CN <GO>}

To contact the reporter on this story: Glen Carey in Dubai at

To contact the editor responsible for this story: Shaji Mathew at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.