Saudi Family Agrees Terms After Biggest Mideast Default
This article is for subscribers only.
Ahmad Hamad Algosaibi & Brothers Co. reached a deal with leading creditors to settle $5.9 billion of debt, taking the Saudi Arabian company closer to resolving a six-year impasse after the biggest default in the Middle East.
Algosaibi and a steering committee of five lenders agreed on a more favourable proposal for banks than one the holding company made last May, Algosaibi said in an e-mailed statement Tuesday, without giving any details on the revised agreement.