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Saudi family sweetens offer to creditors
Add BT as a preferred sourcePublished Wed, Jun 3, 2015 · 09:50 PM
Dubai
AHMAD Hamad Algosaibi & Brothers Co is offering to guarantee banks they will recover at least 40 per cent more on US$6 billion of debt as it seeks to end a six-year impasse after the Middle East's biggest default.
The Saudi Arabian company proposed to pay at least 28 cents on the dollar, chief restructuring officer Simon Charlton told reporters on Tuesday after a creditor meeting in Dubai, an improvement on an offer made in May 2014.
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