Official: Al-Gosaibi family is looking forward to restoring its activities and...


Riyadh – Mubasher: Simon Charlton, the chief restructuring official in the Saudi conglomerate involved in settling the debts of Al-Gosaibi Group, said that the Al-Gosaibi family retains most of the operating business of its company as part of the settlement deal with creditors, and will eventually seek to restore it by returning to the credit market.

Charlton added, in an interview with “Bloomberg”, today, Sunday, that it is clear that the group needs to do a restructuring, and there are many steps that it needs to take to meet its obligations under the agreement.

With the company out of this and gaining access to credit and returning to the credit markets, the group will be able to raise working capital financing, and it will be able to rebuild these companies, Charlton explained.

He indicated that the primary assets that are contributed to the settlement are the most liquid holdings such as large positions in public stocks and a large portfolio of real estate.

He continued, “The Algosaibi remodel will contain most of the manufacturing business in operation, such as shipping, logistics, hospitality and retail. The most important outcome for long-term investors is knowing that there are mechanisms in place that allow for an orderly exit if things don’t work out.”

Ahmed Hamad Algosaibi & Bros. Co., which has been locked in legal battles and negotiations with creditors with more than $7.5 billion in debt since 2009, submitted its proposal to restructure obligations that had been ratified by a Saudi court.

Nominations:

Saudi court approves Algosaibi Group’s financial reorganization proposal

Al-Gosaibi Saudi Group: Debt repayment begins as soon as the settlement plan is approved by the court

Saudi Arabia’s Algosaibi creditors agree to a $1.9 billion debt restructuring proposal





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