Saudi Arabia's largest and longest debt saga, fueled by a feud that has spl...
DUBAI - Saudi Arabia’s largest and longest debt saga, fueled by a feud that has split one of its richest families, could be nearing a resolution after a court approved about $14 billion in claims related to the collapse of two business empires a decade ago.
The Algosaibis and Sanea - who married into the Algosaibi family - have been locked into a bitter dispute over who was to blame for the 2009 collapse of the companies. The Dammam Commercial Court last week approved more than $7 billion of claims against AHAB out of nearly $12 billion in total claims listed, according to one of the documents seen by Reuters.
“The trustee has requested the court for permission to form a creditors committee and we hope that we can get a committee formed quickly and then finalize a proposal with a target to get a creditor vote on a proposal that can be presented to the court for ratification within 90 days,” he told Reuters.
The court approved claims from over 70 financial institutions in the AHAB case, including Saudi and regional banks, and international lenders such as BNP Paribas, Deutsche Bank, HSBC and JPMorgan, the document showed.
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