Saudi Arabian conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB) estimates its assets are worth less than a quarter of about $5.9 billion in claims made against it, a spokesman said as the group prepares a proposal to end one of the Middle
Dozens of banks have arranged $6.3 billion worth of syndicated loans to Saudi-Arabia's Saad Group and the Algosaibi family, Reuters LPC data shows, but it is not clear how much remains on their books.
Lenders include Citigroup, BNP Paribas
The impact of troubled Saudi groups Saad and Al Gosaibi widened with the first bank detailing its exposure while Al Gosaibi said it had discovered evidence of 'substantial financial irregularities.'
Bank Muscat, Oman's largest
Saudi Saad Group's credit problems will affect the way ratings agency Moody's assesses privately held firms across the Gulf region due to weaknesses in the operating environment, a senior analyst said.
Privately held Saad Group, part of a
Problems deepened at Saudi conglomerate Saad Group late on Tuesday after credit agencies slashed ratings to default status or withdrew coverage altogether, saying Saad had ceased to pay creditors.
Saad said it had appointed specialist firm
Private Saudi firm Saad Group has said that it plans to restructure the debt of subsidiaries hurt by a liquidity squeeze brought on by the global financial crisis.
Earlier bankers said the Saudi central bank froze the accounts of the