Saudi Arabia’s Algosaibi Calls Meet on $5.9 Billion Default (3)
Ahmad Hamad Algosaibi & Brothers Co. invited creditors including BNP Paribas SA (BNP) and Standard Chartered Plc to discuss claims on $5.9 billion of debt as it seeks to recover from the Middle East’s biggest default. The Saudi Arabian company will outline proposals aimed at achieving a comprehensive settlement with more than 70 creditors at a May 7 meeting in Dubai. The company didn’t give further details on the proposed terms. Banks rejected an original debt restructuring proposal from Algosaibi four years ago. Algosaibi hired Simon Charlton, former head of forensic services in the Middle East for Deloitte LLP, as chief restructuring officer and Ben Jones, also from Deloitte, as chief financial officer last June to restructure its operations.
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