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FINANCIAL NEWS
Saudi Oger debt plan hit by other creditor court moves
10 Dec 2016
(MENAFN) Sources said Saudi Oger’s attempt to restructure around 13 billion riyals (USD3.5 billion) in debts have been dealt another blow after a second major creditor obtained a court order demanding the money it is owed by the construction group.
According to the National Commercial Bank (NCB), Saudi Arabia’s largest bank, has obtained a court order against Saudi Oger, the sources told Reuters, following a similar move against Saudi Oger by Samba Financial Group in July.
Moreover, their rejection of a so-called standstill requested by Saudi Oger on the money it owes to Saudi banks puts the whole process in doubt as the company would only seek to press ahead with a deal if all banks agreed to the request.
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