Conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB), an investment holding company, has reached a $7.5 billion restructuring settlement with creditors under Saudi Arabia’s new bankruptcy law, the company says in a statement.
- Over 98% of creditors voted, of which there was 94% of supporting votes to approve the settlement; Only one creditor voted against the amendment
- Voting for the proposal took place on Sep. 7th
- The vote overwhelmingly approved the company’s Financial Restructuring Proposal
- The results of the vote will be submitted to the Commercial Court in Dammam in the Eastern Province of Saudi Arabia
- A hearing will be scheduled ...
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