Samba Financial Group (Samba) is reported to have rejected a proposed payment freeze by Saudi Oger, blocking negotiations between the company and lenders for over SAR13bn (USD3.47bn) of debt. Samba is reported to have started legal action to secure repayment of the debt after rejecting a standstill agreement, according to unnamed sources. The accord would have prevented creditors from taking legal action against the company during the negotiations. Saudi Oger had been seeking to extend the maturity of the loan while it tried to recover delayed government payments. (Bloomberg)