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English news

09-Dec-2018

Saad Group, creditors select advisers to resolve debt dispute

Saad Group and bank creditors of the Saudi Arabian conglomerate have selected advisers in a bid to reach a deal to end the Kingdom’s longest-running debt dispute, financial sources said Thursday. The appointments of London-based Orchard Corporate Strategy by Saad and EY by creditors. One of the sources said creditors were seeking to engage with the court overseeing an auction process to try to avoid a fire sale of assets and disorderly liquidation of the company in order to secure a better deal for creditors. Proceeds from the auctions are intended to help repay creditors, which include local and international banks; Saad staff; and trade creditors. 

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