Saudi Arabia: Alleged discrimination of foreign creditors in the restructuring of Saad and Algosaibi

Announcement

01 Sep 2009

Numerous and consistent press reports indicate that a Saudi government panel has brokered a debt restructuring agreement for two Saudi companies that may discriminate against the interests of foreign creditors.

Source

Number of interventions

0 certainly harmful

1 likely harmful

0 liberalising

List of interventions

Implementation date

No implementation date

Revocation date:

No revocation date

Updated: 01 Sep 2009

Debt purchase

Apparently, the two conglomorates Saad and Ahmad Hamad Algosaibi Brothers have reached a settlement with Saudi banks in late September 2009 while "no apparent procedures are being used" for the resol...

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