Saudi Arabia: Ahab seeks repayment deal


Issue 1009 - 05 Feb 2016 | 1 minute read

Ahmad Hamad Algosaibi & Brothers Company (Ahab) is preparing to seek the Saudi authorities’ blessing for proposals to settle its protracted, multi-billion dollar dispute with creditors (GSN 990/14). At the latest of a series of Dubai-based meetings with creditors, in late January, Ahab invited claimants to agree the amounts of their claims, so these can be presented to judicial authorities in Saudi Arabia together with the settlement agreement. Ahab is offering around 25 cents on the dollar backed by disposal of their assets, rising to 50 cents on proceeds of recovery from litigation against businessman Maan Al-Sanea.

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