Saudi Conglomerate’s $7.5 Billion Default Is Finally Settled
- Algosaibi settlement is first major test for bankruptcy law
- Banks including JPMorgan, Citi were locked in talks since 2009
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BNP Paribas SA and Citigroup Inc. are among global banks that are finally set to see some of their loans be at least partially repaid after getting caught up in one of Saudi Arabia’s biggest corporate defaults.