Saudi Arabia’s Algosaibi CFO Jones Said to Leave Amid Debt Talksby
Ahmad Hamad Algosaibi & Brothers Co. Chief Financial Officer Ben Jones left the Saudi Arabian company as it seeks to resolve debt talks with banks after the Middle East’s biggest default, according to a person with knowledge of the matter.
Jones is exploring other options, said the person, asking not to be identified because the matter is private. Algosaibi hired Jones and Simon Charlton as chief executive officer from Deloitte LLP in June 2013 as the company reopened negotiations with creditors to restructure about $6 billion of debt. Jones wasn’t immediately able to comment when contacted.
Algosaibi and Saad Group, owned by billionaire Maan al-Sanea, defaulted on at least $15.7 billion of loans in 2009, roiling credit markets in Saudi Arabia and forcing banks to set aside provisions to cover losses. Units of Algosaibi and Saad, which are linked by family relations, borrowed from more than 80 regional and international banks to finance expansion into real estate and other investments.
Algosaibi last June made an improved offer to creditors to try and end the impasse, offering to pay at least 28 cents on the dollar.