DUBAI: The Algosaibi family is looking to restore some of its businesses after its landmark deal with creditors last week, Bloomberg has reported, citing the conglomerate’s chief restructuring officer, Simon Charlton.
In an interview, Charlton said the company was looking “where it would make the most sense and at what sort of level to return to the market.”
It comes after successful negotiations over its $7.5 billion in debt since 2009 – a case many experts saw as a test for Saudi Arabia’s new bankruptcy law.
Under the deal, Ahmah Hamad Algosabi & Brothers Co (AHAB) will repay its creditors 26 percent of their claim values through a mixture of cash, shares, and Saudi real estate.
“Our hope is that as the company emerges from this and gets access to credit and is back into the credit markets and will be able to raise working capital finance, we’ll be able to rebuild those businesses,” Charlton said.
AHAB will retain most of its operating manufacturing businesses, he added, including logistics, hospitality, and retail.
