Saudi’s Algosaibi Says Creditors To Get Min 20 Cents On Dollar Under Debt Plan

The firm said it would pay 10 per cent of claims as an upfront payment and would target a total recovery for creditors of between 40 and 60 per cent of their due cash.



Saudi Arabian family conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) said on Wednesday it had proposed a debt restructuring plan to creditors that would see them repaid a minimum of 20 cents on every dollar owed.

AHAB said in a statement that, under the proposal unveiled at a creditor meeting in Dubai, the firm would pay 10 per cent of claims as an upfront payment and would target a total recovery for creditors of between 40 and 60 per cent of their due cash.

The firm added it has around $6 billion of direct liabilities to banks and other financial institutions.