Bloomberg Agency announced the appointment of ROTHSCHILD to handle the restructuring of the Saudi Binladin Group
The company has been undergoing the largest debt restructuring in the Middle East for over a year.
Khaled bin Abdul Rahman Al-Quwaiz, CEO of Saudi Binladin Group, previously stated to the Al Arabiya channel that the company is formulating a capitalization plan.
Al-Quwaiz refused to reveal the size of the debts, saying only that they are “not far from” SAR 33 billion and that Saudi banks’ exposure rate is between 70 and 75 %.
He explained that the rescheduling is intended to allow the company to carry out its business and optimize asset value while also allowing it to fulfill its strategic plan.