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ArabianBusiness.com (Free subscription) | 11/12/2009
A spokesman for Saad Group declined to comment.Regulators and bankers are grappling with up to $22 billion of debt restructurings at Saad and a second Saudi firm, Algosaibi, viewed by some as the biggest financial blow to the region since the global credit crisis began.The two groups are involved in a complex legal dispute. Algosaibi said in October it would ask a New York court for a default judgement...
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Reuters (Free subscription) | 11/11/2009
Unleashed on ReutersBlogging the financial meltdown You are here: > > Article Partner ServicesSaad unit lenders meet, liquidators appointedWed Nov 11, 2009 1:21pm EST | | Share| | [] [] LONDON (Reuters) - Creditors of Saad Investments Company Ltd (SICL) held their first official meeting on Thursday, accountancy firm Grant Thornton said, taking a next step in the troubled firm's restructuring process.Banks...
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Reuters UK (Free subscription) | 11/11/2009
(Corrects paragraph six to show that Algosaibi said it would ask a New York court for a default judgement, not that it has asked)LONDON, Nov 5 (Reuters) - Creditors of Saad Investments Company Ltd (SICL) held their first official meeting on Thursday, accountancy firm Grant Thornton said, taking a next step in the troubled firm's restructuring process.Banks are seeking repayment of a loan of up to $2.8...
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ArabianBusiness.com (Free subscription) | 11/06/2009
A spokesman for Saad Group declined to comment.Regulators and bankers are grappling with up to $22 billion of debt restructurings at Saad and a second Saudi firm, Algosaibi, viewed by some as the biggest financial blow to the region since the global credit crisis began.The two groups are involved in a complex legal dispute, and Algosaibi has asked a New York court for a default judgement against the...
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Financial Times (Free subscription) | 11/03/2009
Maan al Sanea says his rancorous battle with fellow conglomerate Ahab, which has accused him of fraud, has 'no business' being heard in New York and should be fought in Saudi Arabia instead
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Arts Reader (Free subscription) | 11/03/2009
If this email is not displayed correctly, please click on the following link or open your browser and paste the link into the address field: http://view.ed4.net/v/2SRI11/NISY8/81LZH9/TU3LF/ Financials Tuesday November 03 2009 FT.com - Financials CIT faces hurdles to prove viability CIT Group, the US commercial lender that filed for bankruptcy under a pre-packaged plan, faces a series of hurdles to...
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The Huffington Post (Free subscription) | 10/30/2009
CAIRO — It goes well beyond the average family squabble. For months, two billionaire families in Saudi Arabia, linked by marriage, have been locked in a bitter legal battle centered on an estimated $22 billion debt implosion and allegations of billions of dollars in fraud. Bank accounts have been frozen. International banks, facing billions in outstanding debt, have filed suit. Claims of scapegoating...
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Sify (Free subscription) | 10/29/2009
It goes well beyond the average family squabble.For months, two billionaire families in Saudi Arabia, linked by marriage, have been locked in a bitter legal battle centered on an estimated $22 billion debt implosion and allegations of billions of dollars in fraud.Bank accounts have been frozen. International banks, facing billions in outstanding debt, have filed suit. Claims of scapegoating and family...
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IOL (Free subscription) | 10/29/2009
Two billionaire families in Saudi Arabia, linked by marriage, have been locked in a bitter legal battle that threatens to cast a pall over the country's image.
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Seattle Post-Intelligencer (Free subscription) | 10/29/2009
The dispute between Maan al-Sanea and his Saad Group and Ahmad Hamad al-Gosaibi and Bros., or AHAB - two of Saudi Arabia's most prominent private conglomerates - threatens to cast a pall over Saudi Arabia's image at a time when the global meltdown and credit crisis already have squeezed the kingdom's companies.
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Miami Herald (Free subscription) | 10/29/2009
Conglomerate feud tarnishes Saudi imageBy TAREK EL-TABLAWYAP Business WriterCAIRO -- It goes well beyond the average family squabble.For months, two billionaire families in Saudi Arabia, linked by marriage, have been locked in a bitter legal battle centered on an estimated $22 billion debt implosion and allegations of billions of dollars in fraud.Bank accounts have been frozen. International banks,...
