A Saudi court has approved an application by detained and indebted billionaire M...
DUBAI/RIYADH - A Saudi court has approved an application by detained and indebted billionaire Maan al-Sanea and his company, Saad, to have their case resolved through the kingdom’s new bankruptcy law, the company’s financial adviser and two sources familiar with the matter told Reuters.
Saad, with interests from banking to healthcare, defaulted together with another conglomerate, Ahmad Hamad al-Gosaibi and Brothers , in 2009, leaving banks with unpaid debts of about $22 billion “The regional and international creditors represent more than 85 percent of total debt, some of whom advised filing under the new bankruptcy law,” he said.
The trustee, Saleh A. Al-Naim, sent a notice to creditors - seen by Reuters - announcing the beginning of the financial reorganization proceedings, and asked them to submit their claims within 90 days. Sanea, ranked by Forbes in 2007 as one of the world’s 100 richest people, was detained in Khobar in 2017 for unpaid debts dating back to 2009 when Saad Group defaulted.
“In addition to strengthening investors’ confidence with the local market, the new law will raise the value of the debtors’ assets, since they will not be obliged to sell for low prices through an enforced liquidation,” Ismail said.
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