Bin Laden appoints a consultant to restructure debt with 15 billion dollars

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Source: Dubai – Mr. Muhammad

The Saudi Bin Laden Group has announced the selection of the American investment bank “HoulihanLokey” to help in scheduling $ 15 billion in debts, according to a statement issued by the company carried by Bloomberg Agency.

The company said in its statement that the American investment bank will work to assist in a comprehensive review and restructuring of the company’s capital, which is under huge debt.

According to the statement, the investment bank will also work to reorganize the company’s privately owned assets, facilitate operations and increase activities on major projects.

In late March, the company appointed Khaled Al-Qweiz as CEO with the man’s experience in the banking and industrial fields in what appeared to be an attempt by the company to overcome the debt dilemma.

Bin Laden Group, which has been active for decades in the construction of roads and mosques in Saudi Arabia, has an important role in new ambitious plans for large projects in tourism and infrastructure in the Kingdom.

Last August, Reuters reported, citing a document it had seen, that the heavily indebted company requested selected proposals from international consultants to restructure the debt of the entire group.







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