Saudi Oger mulling liquidation: report

Debt-ridden construction firm Saudi Oger is currently studying several options, mainly filing for liquidation under the Saudi bankruptcy law, Al-Arabiya TV reported, citing unnamed sources close to the matter.

The company expects Riyadh commercial court to accept its request within three to six months, the report said.

“There are nearly 45,000 creditor claims against the company, with debts ranging between SAR 25 billion to SAR 30 billion,” the sources added.

Last year, Saudi Arabia was said to be setting up a committee to handle the restructuring of debt owed by Saudi Oger, which is owned by the family of Lebanese Prime Minister Saad al-Hariri, Argaam reported.