The Saudi judiciary agreed to accept the request of the local billionaire, Maan Al-Sanea, and his company, Saad, to declare bankruptcy to solve their case.
The financial advisor to Al-Sanea’s Saad Group said that the Saudi judiciary had taken a decision to respond to the request of the detained and heavily indebted businessman and his company by restructuring their financial framework in the framework of the new bankruptcy law in Kingdom.
"This is a milestone for all concerned," said Ahmed Ismail, CEO of Rimas Consulting, who was appointed financial advisor to the Saad Group in late 2017 to reach a settlement with the agency's creditors. Since 2009.
Ismael added: Regional and international creditors represent more than 85% of the total debt, and some of them are advised to submit an application under the bankruptcy law.
He continued: Given that this step is in one way or another in line with international and regional legal trade practices, the probability of its success is much greater.
The decision, which was taken last February, might solve one of the longest-running debt-related series in the kingdom.
Saad, who works in a number of sectors from banks to health care, filed for bankruptcy, along with Ahmed Hamad al-Qusaibi and his brothers group, in 2009, leaving it Local and international banks with accumulated debts amounting to about $ 22 billion.
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