Ahmad Hamad Al-Gosaibi and Brothers (AHAB) have announced that it has signed an agreement with a committee representing creditor banks to restructure the company’s accumulated debt, which is said to have reached cSAR22.5bn (USD6bn). AHAB had put, in January, a revised restructuring plan to its creditors, for which it has now secured a formal commitment from a five-member creditor group, including Bank ABC, PNP Paribas and Standard Chartered. The restructuring plan still requires the assent of a three-judge panel at a court in Al-Khobar, which has been appointed to oversee the claims against AHAB. By securing the assent of as many of the creditors as possible, AHAB is aiming to create momentum for the plan’s approval and its enforcement by the court. The judicial panel had asked all creditors to submit their claims against AHAB to them before 21 July, while AHAB had requested an extension to the deadline. (Gulf Business)