Algosaibi Group to keep most operations after creditors nod to settlement proposal: exec

The group’s restructuring will include most of its activities, such as shipping, logistics, hospitality, and retail, said Charlton.
 

“Our hope is that as the company emerges from this and gets access to credit and is back into the credit markets and will be able to raise working capital finance, we’ll be able to rebuild those businesses,” he said.
 

Charlton said that the group is looking where it would make the most sense and at what sort of level to return to the market.

The assets that are being contributed to settlement are the most liquid holdings such as large positions in public equities and a large portfolio of real estate.
 

Among creditors, all Saudi banks but one participated in the most recent vote, Charlton noted.
 

He added that the bankruptcy law had a major effect on the Saudi banks' participation in the debt settlement process.
 

As for Saad Group, with which AHAB is in dispute, Charlton said it is also going through the bankruptcy process in Saudi Arabia and is “probably” two or three years behind AHAB. He clarified that he isn’t directly involved with that process.