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Exclusive: First Saudi Arabian-linked banks join al-Gosaibi debt settlement plan

Reuters  |  DUBAI 

By Tom ArnoldDUBAI (Reuters) - Two Saudi Arabian-linked banks have become the first lenders with ties to the kingdom to sign a debt settlement plan with Ahmad Hamad al-Gosaibi and Brothers (AHAB), the company's chief executive said, opening the way for the conglomerate to try to push through a multibillion-dollar deal with creditors.Since AHAB defaulted on about 22 billion riyals ($5.9 billion) of debt in 2009, Saudi banks and those with links to the kingdom have refused to join other creditors in a debt settlement deal, arguing the terms on offer were not satisfactory.But in the last few ...

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First Published: Tue, April 17 2018. 20:46 IST