News 24 | It will pay 7.25 billion riyals.. Al-Gosaibi Group is on the cusp of ending a debt dispute that began 12 years ago

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Ahmed Hamad Algosaibi & Brothers Group94% of the creditors of the “Ahmed Hamad Al-Gosaibi & Brothers Group” approved the debt restructuring proposal, under which the group will pay $1.9 billion to its creditors.

This came two months after the Commercial Court in Dammam approved the group’s proposal to restructure the debt, by deducting 74% of the claims, and covering 26% of them through a local portfolio owned by the group.

This approval of the proposal ends, according to Al Arabiya Net, the 12-year debt dispute, where creditors will receive 7.25 billion riyals, representing 26% of the approved debt, amounting to 27.5 billion riyals.

The group’s chief operating officer, Raef Al-Hassan, said that the debt restructuring plan will enter into force after submitting its results for approval by the bankruptcy trustee to be officially approved, after which the company will start paying creditors from Saudi, Gulf and foreign banks.

He explained that the settlement plan will be announced in detail after it is approved by the court, in addition to liquidating the portfolio in its current form during the coming months, with the aim of paying as soon as possible.

He revealed that the assets provided within the restructuring plan represent more than 90% of the company’s total assets, and that the company has operating groups for many years and projects within the Kingdom, and therefore the company’s management is looking forward to the advancement of business and rebuilding again, in the company’s business sectors such as oil, services and industry.

It is noteworthy that the Al-Gosaibi Group and the Saad Group, owned by businessman Maan Al-Sanea, had defaulted on debts worth 22 billion dollars in 2009, and since that time a dispute arose between the Al-Gosaibi family and Al-Sanea over the cause of the collapse of the two companies.

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