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Logo of Ahmad Hamad Algosaibi & Brothers Co.
The Dammam Commercial Court issued on Oct. 3, the final ratification order for Ahmad Hamad Algosaibi & Brothers Co. (AHAB) restructuring, that is now unappealable, Reuters reported, citing Simon Charlton, Chief Restructuring Officer and acting CEO at AHAB.
"The company will now take steps to begin lifting the restrictions over assets and begin liquidating assets to be able to make distributions to its approved creditors," Charlton said.
Under the settlement, AHAB's creditors are expected to receive about 26 cents on each dollar for debt claims, Charlton said.
The settlement assets include over SAR 800 million in cash, a portfolio of publicly traded shares worth about SAR 3.7 billion, and real estate assets in Saudi Arabia.
The group plans to retain its core operating assets and rebuild those businesses and the restructured group, probably through external financing, Charlton said, indicating that funding plans are at an early stage.
AHAB will continue to pursue its claims in the Saad estate and against Al Sanea, who it continues to hold responsible, he noted.
In September, Charlton said that AHAB will keep most of its operating businesses upon creditors' approval on the debt settlement proposal, according to data compiled by Argaam.
The group’s crisis dates back to 2009, after debts of about $7.4 billion (about SAR 27.7 billion) were revealed, and started its dispute with Saad Group over the cause of the crisis.
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Algosaibi Group to keep most operations after creditors nod to settlement proposal: exec |
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