Saudi Group Signs Deal Aiming to End Biggest Mideast Default

  • Deal with lender committee restructures $6 billion of debt
  • Some 90% of creditors sign deal recovering about 40% of claims

Saudi Group Signs Deal to End Biggest Mideast Default

Ahmad Hamad Algosaibi & Brothers Co. signed a deal with a majority of its creditor banks to restructure about $6 billion of debt, taking the Saudi conglomerate one step closer to ending a seven-year impasse over the Middle East’s biggest default.

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