Saudi Binladin to appoint more advisors for $15 bln debt revamp

10/09/2020 Argaam

Saudi Binladin Group plans to appoint more advisers to accelerate the process to restructure corporate debt worth an estimated $15 billion, Bloomberg reported.

 

According to a statement from the company, the new consultants are expected to assist US-based Houlihan Lokey Inc., which was appointed in April to manage the group’s restructuring.

 

The latest measures come after the company put thousands of employees on indefinite leave in recent months and reduced salaries.

 

According to data compiled by Argaam, in December 2019, Saudi Arabia’s biggest construction firm overhauled its top management, delaying plans to appoint an adviser for a proposed $15 billion debt restructuring as its previous chairman and managing director left within months of being appointed.

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